India''s largest private sector company Reliance Industries may venture into Saudi Arabia. The company is exploring the possibility of picking up a stake in $15 billion greenfield refinery. According to sources Reliance has expressed its initial expression of interest for a stake in the Jizan refinery which will have a capacity of 400,000 barrels per day.
Petronas of Malaysia along with local company Nama Chemicals are the frontrunners followed by Taiwan''s Formosa Plastics. Reliance may tie up with local companies like Advanced Petrochemicals and Refineries or National Industrialisation for the project. Reliance sources confirmed to NDTV that they have done an initial recce but are waiting for more details about the project from the Saudi authorities, due in one month before firming up plans.
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