Reliance to Discuss Oil Agreements

Friday, June 15, 2001

Indian oil company Reliance Petroleum Ltd president Dhirubai Ambani will visit Venezuela July 15-20 to discuss the oil agreements, as well as a US$1bn 2001-2004 investment plan, Venezuela's ambassador in India Walter Marquez said yesterday.

The meeting will be mainly targeted to sign the agreements discussed at the end of May during the visit of Venezuela's President Hugo Chavez to Bombay, Marquez said, newspaper El Observador reported.

Venezuela's state oil company PDVSA agreed upon increasing oil supply to Reliance - the owner of India's largest private refinery - from the current 20 million barrels a year to 36 million.

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The agreement would raise supplies from 55,000 barrels per day (bpd) to 100,000 bpd.