RIL eyes refinery acquisitions in the US, Middle East

12 June 2007

New Delhi: Reliance Industries is eyeing acquisition of oil refineries in the United States and the Middle East as it seeks to expand its overseas assets.

P M S Prasad, RIL CEO (oil and gas), told reporters in New Delhi today, "Operating a refinery or building a new refinery or upgrading an existing one is our biggest strength. There are takeover opportunities in the US and we are certainly interested."

He said that several refineries in the US were available for sale and RIL was studying at least a couple of them.

Though he refused to divulge any specific details, he clarified that none of them belonged to Shell or Chevron, saying, "There are several offers... some for sale of part stake and some for outright sale. We are not looking at any of the Shell or Chevron Refinery,"

In Guatemala Reliance is competing with China National Petroleum Corp for a 230,000 barrels per day (11.5 million tons) refinery and is also looking at setting up refinery projects in the middle east.

It is already planning to set up a 50,000-barrels per day capacity refinery in Yemen and is looking at opportunities in Libya, Oman and Iraq.