Reliance Industries Limited (RIL), the country's largest private sector company, and the Venezuelan state oil company, Petroleos de Venezuela, SA (PDVSA) have signed a 15 year heavy crude oil supply contract and a memorandum of understanding (MOU) to develop Venezuelan heavy oil fields.
PDVSA will supply between 300,000 and 400,000 barrels per day of Venezuelan heavy crude oil to Reliance’s two refineries in Jamnagar under a 15-year crude oil supply contract.
As per the MoU, Reliance will explore upstream options for joint participation in heavy oil projects of the Orinoco Oil Belt.
RIL will also cooperate with PDVSA by providing technical assistance and sharing its experience of executing large scale projects in areas of offshore upstream, refining and other downstream projects.
The signing of the contract and MOU marks further strengthening of the long-standing relationship between RIL and PDVSA.