RIL mulls stakes in US, West Asia refineries

New Delhi, June 12: Mukesh Ambani-led Reliance Industries Ltd is looking to acquire stakes in the oil refineries in the United States and the West Asia.

''We are looking at the oil refineries as there are takeover opportunities in the US and the West Asia,'' RIL CEO (Oil and Gas) P M S Prasad told reporters here today.

RIL, which has exploration blocks in Yemen and Oman, is also looking at exploration blocks in Peru and Columbia, he added.

RIL operates the country's largest 6,60,000 barrels a day refinery in Gujarat, and is building another 5,40,000 bpd unit nearby to feed the demand for energy and for exports.

Commenting on finalising its gas price, Mr Prasad said it is expected to be finalised by the end of July, ahead of production scheduled to begin by mid-2008.

''Gas price has to be ready by July-end. We have to ready it 12 months before starting commercial production,'' he added.

The gas is expected to flow at a rate of 30-40 million cubic metres day from July 2008, and will reach peak level of 80 million cubic metres a day in 2009.

The refineries, Reliance is looking at, do not belong to Shell or Chevron, Mr Prasad said adding that ''There are several offers.

Some for sale of part stake and some for outright sale. We are not looking at any of the Shell or Chevron refinery.'' Mr Prasad said the company is also eyeing oil and gas exploration acreage in Latin America and Australia.

''We have bid for two to three blocks with Santos of Australia in Australia's latest licensing round for exploration blocks,'' he said.

UNI