Reliance Industries eyeing Petronas stake in Venezuela project

Jan 14 2014, 20:16 IST
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Reliance Industries is looking at buying Petronas' 11 per cent stake in Venezuela's USD 20 billion Carabobo-1 project. Reuters Reliance Industries is looking at buying Petronas' 11 per cent stake in Venezuela's USD 20 billion Carabobo-1 project. Reuters
SummaryBesides RIL, Chinese firms too are said to be interested in Petronas stake.

produce 480,000 barrels of oil a day at peak. The field requires USD 20 billion to develop and produce oil.

The consortium, which had in 2010 paid USD 1.05 billion to win the project, is also investing in a separate a 200,000 barrel per day upgrader to convert heavy crude into light crude oil.

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