Sri Lanka wants to rope in Reliance Industries Ltd. for oil exploration

Discussion in 'Economy & Infrastructure' started by Rage, Sep 15, 2009.

  1. Rage

    Rage DFI TEAM Stars and Ambassadors

    Feb 23, 2009
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    Sri Lanka wants to rope in RIL for oil exploration

    Monday, September 14, 2009


    NEW DELHI: The Sri Lankan government wants to rope in Mukesh Ambani-led Reliance Industries for exploration of oil in the island nation.

    “We are in talks with Reliance for petroleum exploration,” Sri Lankan Minister for Investment Promotion, Mr Navin Dissanayake said at a CII function here today.

    He said he would be visiting Mumbai tomorrow to meet senior RIL officials.

    “We have identified couple of blocks exclusively for India,” Mr Dissanayake said, adding that RIL has shown interest in the Sri Lankan oil fields.

    On the size of the proposed deal with Reliance, he said “for exploration Cairns India took one block that was of $400 million. So, if Reliance is coming it will be into that figure at least”.

    The oil blocks which Sri Lanka has offered to RIL are located in Mannar and Southern basins, the visiting minister said.

    He also said that his government was talking with Aditya Birla Group for setting up a plant for manufacturing of carbon black, a product used in tyre manufacturing. - PTI
  3. Bhagat Singh

    Bhagat Singh Regular Member

    May 17, 2009
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    India must take up the business opportunities with its neighbours. This will help strengthen the relationships between the countries and will also help meet the domestic energy requirements.

    China has already spent considerable amounts of money and effort in purchasing oil and gas blocks around the planet. India needs to catch up.
  4. ajay_ijn

    ajay_ijn Regular Member

    Jul 27, 2009
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    I don't think we may have so much money or even expertise as China in field of infrastructure building to woo countries with oil & gas sector. for one thing we don't have huge consumption like China which explains why they have to spend more than us. but yes investment is needed for longterm and oil consumption would definitely grow fast.

    but unless we find oil in our own country, we wouldn't have the complete energy security of it. imported oil would be set as per international oil prices regardless of how much we invest besides the political risks. one can see how Iran plays silly games with India on pricing of gas just because we have shortage of gas in the country.

    but the one good thing both countries will do is create some more supply by discovering new fields will alway help prices to stabilize.

    but i don't understand why both countries don't agressively go for R&D in electric powered cars as they don't need any oil and can run with electricity.

    if dependence on oil can reduced, then we should even more agressive with electric cars than putting so much money in other countries for oil.
  5. sob

    sob Moderator Moderator

    May 4, 2009
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    New Delhi
    Ajay, Sorry don't agree with you. India currently imports roughly 70% ot it's requirement of oil. The oil fields currently being drilled by ONGC and OIL are very old and are in their decline phase. Water is being pumped in to increase the output.

    With the Mangla oil feilds from Carin are a welcome addition they will not add to our Domestic production due to decline in yields of the older wells.

    This is a very welcome step as we need oil fields near our country and not in Siberia or Africa.Also this will be a very welcome way of increasing the ties with SL. with IOC Lanka already operating petrol pumps we need more presence from the Indian Pvt. Sector to keep out the Chinese influence.
  6. RPK

    RPK Indyakudimahan Senior Member

    Jun 29, 2009
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    13° 4'60.00"N 80°16'60.00"E

    Indian company bags USD 250 Million project in Colombo

    Colombo, Sep 18 (PTI) An Indian construction company SuchirIndia has entered into a collaboration with Sri Lankan firm NEB Rapid Infrastructure Projects to implement a 250-million-dollar project in the suburbs of Colombo.

    SuchirIndia, a Hyderabad-based group, in collaboration with NEB Rapid Infrastructure Projects will construct a 40 storeyed building through a special purpose vehicle SUCHIRNEB Projects Pvt Ltd in the first phase.

    The project is to construct a tower complex that would comprise a 40 floor commercial complex and a 70 floor Residential tower (in the second phase) at Battaramulla in the Colombo suburbs.

    The 1.2 million sq feet structure is expected to be completed in 30 months, company officials said.

    When contacted, SUCHIRNEB Director Y Kiron told PTI that the first project of a 40-floor complex is estimated to cost USD 110 million, the second phase of a 70-floor Residential tower is expected to cost USD 140 million.

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