RIL in talks with Peru for two oil blocks

Oct 24, 2007 02:00 AM

Reliance Industries Ltd. (RIL), which is set to begin production from the country’s 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 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 bpd oil refinery in one of the Central American countries of Costa Rica, Guatemala, Honduras and Panama.
RIL already operates a 660,000 bpd refinery at Jamnagar, Gujarat. Another 580,000 bpd refinery is being constructed by its subsidiary Reliance Petroleum, close to the existing refinery.

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