Reliance evaluating expanded role in Venezuela

8/28/2013

Reliance evaluating expanded role in Venezuela

BY KEJAL VYAS

CARACAS -- Reliance Industries is considering expanding its presence in resources rich Venezuela with potential participation in more projects in the South American country, officials from both parties said.

Venezuela is looking for Reliance's collaboration on the construction of the $10 billion Cabruta refinery, development of the Junin 1 bloc in the Orinoco heavy oil belt, as well as an expansion of the Petroanzoategui upgrader facility, said Oil Minister Rafael Ramirez, who also heads state energy company Petroleos de Venezuela, or PdVSA.

Neither side gave specific details on the potential joint ventures and said they expected to define terms of the deals in the upcoming months.

Mr. Ramirez spoke after a meeting with Reliance Executive Director P.M.S. Prasad.

Through an oil supply deal, Venezuela ships around 320,000 bpd of heavy crude to India's Jamnagar refinery.

It accounts for about 70% Of Reliance's heavy oil supply and about 12% of India's overall consumption, Mr. Ramirez said.

Dow Jones Newswires

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