Reliance Industries Limited (RIL), India’s largest industrial conglomerate, on Monday signed a memorandum of understanding (MoU) with Sharjah-based Crescent Petro-leum, to begin joint exploration for oil and gas in the region.
"This is our first MoU with a regional gas exploration company and we look forward to work closely with Crescent in the coming years," Atul Chandra, president of Petroleum International Business at Reliance Industries and Director of Reliance E&P, told Gulf News on Tuesday.
"Our MoU covers both upstream and downstream activities in the Middle East and both companies will use their synergies to create a winning proposition."
Earlier, RIL chairman and managing director Mukesh D. Ambani said RIL will reposition its global operation to Dubai by strengthening its Dubai office, before pumping in up to roughly $24 billion in petrochemical projects in the Gulf in the next ten years.
The company could invest between $20-$24 billion in the Gulf in the next decade.
"Dubai will be the gateway for our future investment in this part of the world and beyond," he said in an interview last Dec-ember. "We will increase our headcount in Dubai, which will be the nerve centre of our international operations."
Badr Jafar, executive dir-ector at Crescent Petro-leum, said, "Pursuant to this agreement the two companies will evaluate and discuss any and all projects that are consistent with each company’s objectives."
Both companies are expected to co-operate within the framework of Gas Cities LLC, a proprietary concept developed by Crescent with its partner, Dana Gas.
The vision of Gas Cities is to develop private-sector-driven integrated industrial communities relying on natural gas as fuel and feedstock.
RIL’s agreement with Crescent "is intended to establish a sustainable framework for concluding specific accords to jointly undertake or participate in the development of oil, gas and other industrial projects of mutual interest in the region’s energy sector, including upstream development, midstream pipelines and related facilities, as well as downstream industrial and petrochemical projects," a statement said.