By KEJAL VYAS
CARACAS -- India's 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 Wednesday.
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
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.
Dow Jones Newswires