RIL inks 15-yr oil supply pact with Venezuela

Reliance Industries (RIL) on Wednesday announced that it has signed a 15-year heavy crude oil supply contract and an MoU with the Venezuelan state oil company, Petroleos de Venezuela SA (PDVSA) to develop Venezuelan heavy oil fields.

In effect, PDVSA will supply between 300,000 and 400,000 barrels per day of Venezuelan heavy crude oil to RIL’s two refineries in Jamnagar under a 15-year crude oil supply contract, said two official releases issued by each company seperately. As per the MoU, RIL will explore upstream options for joint participation in heavy oil projects of the Orinoco Oil Belt.