Dubai, Jun 25: Reliance Industries Limited (RIL), India's largest industrial conglomerate, has signed a Memorandum of Understanding (MoU) with Sharjah-based Crescent Petro-leum, to begin joint exploration for oil and gas in the region.
''This is our first MoU with a regional gas exploration company and we look forward to working closely with Crescent in coming years,'' Atul Chandra, president of Petroleum International Business at Reliance Industries and Director of Reliance E&P, told the sources. ''Our MoU covers both upstream and downstream activities in West Asia and both companies will use their synergies to create a winning proposition,'' he said. The agreement was inked on Monday, June 23.
Earlier, RIL chairman and Managing Director Mukesh D Ambani said RIL will reposition its global operation to Dubai by strengthening its Dubai office, before pumping in up to roughly 24 billion dollar in petrochemical projects in the Gulf in the next ten years.
The company could invest between 20-24 billion dollar in the Gulf in the next decade. ''Dubai will be the gateway to our future investment in this part of the world and beyond,'' he said in an interview last December.
''We will increase our headcount in Dubai, which will be the nerve centre of our international operations.'' Executive Director at Crescent Petro-leum, Badr Jafar, said, ''Pursuant to this agreement the two companies will evaluate and discuss any and all projects that are consistent with each company's objectives.'' Both companies are expected to co-operate within the framework of Gas Cities LLC, a proprietary concept developed by Crescent with its partner, Dana Gas.