Mexico seeks RIL help to develop greenfield refinery

Written by Press Trust of India | Mexico City | Updated: Jun 28 2010, 05:06am hrs
The Mexican government is likely to ink a deal with Reliance Industries Ltd (RIL) to develop a greenfield refinery in that country.

We will look at RILs refinery when we visit India. We want to develop a new refinery with a capacity of 300,000 barrels per day, Mexican energy secretary Georgina Kessel told reporters here.

Reliance could provide services for the proposed refinery, to be developed by Mexican state-owned petroleum company Pemex, she said. However, there would be no joint venture with RIL as the law does not permit that, Kessel added.

Without specifying a date, the energy secretary said that she would be touring India soon to meet energy sector ministers, besides visiting RIL facilities. To the possibility of Indian companies exploring oil and gas reserves in Mexico, she replied in the negative. However, Kessel was not averse to the idea of Pemex and ONGC Videsh looking for oil and gas reserves in a third country.

While Reliance operates one of the largest refineries in the world, ONGCs foreign arm ONGC Videsh explores oil and gas in foreign countries.

Reliance, the flagship company of Reliance Group, is Indias largest private sector enterprise with annual revenue of over $44 billion.

Reliance likely to sell 2.5-acre prime land to Wadhwas

Mumbai, Reliance Industries plans to sell 2.5-acres of land in central Mumbai to realty major, the Wadhwa Group, a source said. The land in the rapidly-developing commercial hub of Bandra-Kurla Complex (BKC) is expected to be sold for around Rs 1,000 crore. When contacted, a RIL spokesperson declined to comment on the matter.

This 2.5-acre is a part of the 18.5-acre land which RIL had purchased in 2006 from Mumbai Metropolitan Regional Development Authority (MMRDA) in an auction for Rs 1,104 crore, the source said. It is understood that the transaction would likely be sealed in about a months time.