Reliance eyes refinery stakes in US, Mid-East

India’s biggest private sector refiner, Reliance Industries Ltd, is looking to buy stakes in refineries in the US and the Middle East to expand its operations abroad, CEO and president of the company’s oil and gas business P M S Prasad said on Tuesday. Reliance, which has a market value of $58 billion, is also scouting for exploration blocks in Peru and Colombia. The energy company already has exploration blocks in Yemen and Oman.

Reliance operates India’s largest (660,000 barrels a day) refinery in Gujarat and is building another 540,000 bpd unit nearby to feed the country’s robust demand for energy and for export. Prasad said that there are opportunities overseas to expand refining expertise, but he declined to give financial details or identify likely targets.