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Reliance RIL to seal Colombia deal in H2



Financial Express
Bombay,India
Petroleumworld.com 01 26 06
Reliance Industries, the country’s largest petrochemicals producer, expects to seal a deal on exploration rights with Colombia’s state oil company Ecopetrol by the second half of 2006.

“We would like the maximum amount of exposure. We are in negotiations with the government,” Reliance chairman Mukesh Ambani said on Wednesday at the World Economic Forum in Davos.

“We hope (to have a deal) at the latest by the second half of this year,” he said. Ambani declined to say how much Reliance would spend on buying the exploration rights in Colombia’s Gabriel Block.

Earlier this week, Reliance said it planned to raise $1.1-$1.3 billion in an initial public offering by a subsidiary to help fund a $6 billion refinery expansion and also planned an initial $750 million move into retail.

Ambani said Reliance was open to foreign investors taking part in the IPO.

 

Petroleumworld 01/26/06

Copyright © 2006 Petroleumworld. All rights reserved

 

 


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