Reliance Industries (RIL) and Petroleos de Venezuela, SA, a Venezuelan state oil company have signed a 15-year heavy crude oil supply agreement.
Petroleos will supply between 300,000 and 400,000 barrels a day of Venezuelan heavy crude oil to RIL's two refineries in Jamnagar in Gujarat.
RIL has also signed an MoU with Petroleos to further develop Venezuelan heavy oil fields. As per the MoU, RIL is to explore upstream options for joint participation in heavy oil projects of the Orinoco Oil Belt. RIL will also co-operate with Petroleos by providing technical assistance in the areas of offshore upstream, refining and other downstream projects.