Reliance Industries in talks with Peru for two Oil Blocks

Reliance Industries, which is set to begin production from the countrys largest gas block, is in talks with Peru for picking up stake in two oil blocks. The contract is likely to be signed soon. The names of the blocks and the amount of stake that RIL is likely to pick up are not known. The agreement with the Peruvian company involves co-operation in exploration and production, besides forming joint ventures for setting up petrochemical plants.

RIL, is also looking to set up a refinery in Central America and is considering a bid for building a 350,000 barrels a day oil refinery in one of the Central American countries of Costa Rica, Guatemala, Honduras and Panama. RIL already operates a 660,000 barrels a day refinery at Jamnagar, Gujarat. Another 580,000 barrels a day refinery is being constructed by its subsidiary Reliance Petroleum, close to the existing refinery.

Publication: Euclid Infotech - Utilities News
Provider: Euclid Infotech
Date: October 26, 2007

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