Dec 18, 2006

Reliance Industries (RIL) is considering expanding its oil business to Russia.

Private sector energy major Reliance Industries (RIL) is considering expanding its oil business to Russia. It is planning to enter the country's downstream oil sector by investing in the refinery and petrochemical industry. RIL may even rope in a Russian oil firm as its partner for the project. Gazprom, the state-run Russian oil major, may partner RIL's downstream ventures in Russia. The move comes at a time when Russia is in the process of increasing government control over its oil and gas assets. This move will benefit both, as RIL will bring in global expertise to Russia's refining segment and for RIL, an entry into Russia will provide a foothold in the European markets, where there is a growing demand for high-grade fuel.

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