RIL, PDVSA sign supply deal, Orinoco memo

Reliance Industries Ltd., Mumbai, has signed documents with Petroleos de Venezuela SA for heavy-oil supply and joint exploration and development in the South American country’s Orinoco belt.

The companies entered a contract under which PDVSA will supply 300,000-400,000 b/d of heavy oil for 15 years to RIL’s two refineries at Jamnagar, Gujarat, which have total capacity of 1.24 million b/d.

PDVSA said it currently sells India 270,000 b/d of oil.

The companies also signed a memorandum of understanding to consider joint participation in Orinoco heavy oil projects.

Rafael Ramirez, Venezuela’s petroleum minister and president of PDVSA, said the work would focus on the Ayacucho and Boyaca 4 blocks in the Orinoco belt.

As part of that agreement, RIL would provide PDVSA technical assistance in the execution of large projects in offshore exploration and development, refining, and other downstream areas.

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