Business
RIL to set up refinery in Yemen http://www.ndtvprofit.com/homepage/storybusinessnew.asp?template=&whichstory=n&id=35822
NDTV Correspondent
Tuesday, January 16, 2007 (New Delhi):
Reliance Industries will set up a refinery in Yemen, where it has already picked up stake in two oil blocks.
"Reliance will partner local Yemen company Hood Oil for this refinery," Yemen's Minister for Oil and Minerals Khalid Mahfoudh Dahah said.
According to Dahah, the refinery capacity would be 50,000 barrels per day in the initial phase and can be doubled later. Construction on the project would begin this year and it will take 36 months to complete.
RIL will have an obligation to sell products from the refinery in the domestic market for first five months and can export thereafter. The company has been already awarded onshore exploration Blocks 34 and 37 in Yemen.
RIL already partners Hood Oil in producing Block 9, where the two companies hold 25 per cent each. Calvalley Petroleum of Canada is the operator with 50 per cent stake.
The stock at Rs 1356 levels is trading marginally in the red in noon deals on Tuesday. (with PTI inputs)