Reliance Industries Exploring Investment Opportunities in Iraq

By John Lee.

Reliance Industries Chairman, Mukesh Ambani (pictured), has told reporters that his company is exploring investment opportunities in Iraq.

"We are evaluating all opportunities in the Iraqi oil and gas sector. But so far, nothing has been finalised and we will take a call on this -- both the downstream and upstream assets -- in Iraq by the end of the year," Ambani said.

He was categorical in saying that his company has no plans to enter the mid-stream sector in Iraq.

According to a report from the Economic Times, Iraqi Deputy Prime Minister for Energy Hussain al-Shahristani called upon Indian investors, including Reliance Industries, to invest in the construction of export outlets, pipelines connecting oilfields with export terminals as well as tank farms to increase storage capacity.

He said Iraq is open to joint ventures by Indian and Iraqi companies in the oil and gas sector as the Gulf country seeks to become a petrochemical hub.

(Source: The Economic Times)

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