RELIANCE SIGNS CRUDE SUPPLY AGREEMENT AND MOU WITH PETROLEOS DE VENEZUELA, SA (PDVSA)
Mumbai, October 3, 2012: Reliance Industries Limited (RIL) and the Venezuelan state oil company, Petroleos de Venezuela, SA (PDVSA) have signed a 15 year heavy crude oil supply contract and a Memorandum of Understanding (MOU) with PDVSA to further development of Venezuelan heavy oil fields. PDVSA will supply between 300,000 and 400,000 barrels per day of Venezuelan heavy crude oil to Reliance’s two refineries in Jamnagar under a 15-year crude oil supply contract. As per the MOU, Reliance will explore upstream options for joint participation in heavy oil projects of the Orinoco Oil Belt. RIL will also cooperate with PDVSA by providing technical assistance and sharing its experience of executing large scale projects in areas of offshore upstream, refining and other downstream projects. The signing of the contract and MOU marks further strengthening of the long-standing relationship between RIL and PDVSA. -- CA. Rajesh Desai -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
