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News from Reliance Industries

Hydrocarbon Engineering,

Lyondell bid
The bankrupt petrochemical company LyondellBasell rejected Reliance Industries’s bid of US$ 14.5 billion in the first week of March as Lyondell believes that the bid falls short of its actual worth. However, Reliance has not been deterred from other foreign investments. Mukesh Ambani, India’s richest man directs the company and has an active plan to explore investments and acquisitions elsewhere in international markets.

Reliance recently sold US$ 2 billion worth of stocks which adds to its ever expanding investment budget. The company wishes to increase and cement its place in the US and European markets. Recent reports have stated that the company is interested in Value Creation Inc., Canada, Valero Energy, USA, Sunoco, belonging to ConocoPhillips and several refineries in Europe.

Storage lease
Reliance Industries has filled its leased storage for 1.2 million bbls at the Borco Terminal, Bahamas. This part of the company’s plan to increase its presence in the US oil and gas market. The company now leases 2 million bbls of capacity in the US with it’s other facility located in New York harbour.

Reliance is seeking to sell fuel directly to the US as it is the world’s largest energy consumer. Shipments to the new storage facility began at the end of 2010 after the 580 00 bpd refinery in Jamnagar, west India came online.

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