Reliance Industries eyes projects in Venezuela

Reliance Industries plans to take on projects in Venezuela’s biggest petroleum projects. Reliance operates the world’s biggest refining complex in western India. Refining accounts for nearly 80% of its revenue. Currently, the company is looking for cheaper, heavier crude oil to supply its refineries. Venezuela has been Reliance’s top crude oil supplier, and in 2012 the company signed a 15-year deal to buy up to 400,000 barrels per day (bpd) of heavy oil from its state-run oil company, PDVSA. Reliance is also examining entry into the Ayacucho-8 block in a joint venture with PDVSA. www.ril.com