Reliance Industries plans to invest in petrochemical projects in the Gulf region in the next 10 years. The company's expansion plans include setting up a number of petrochemical plants in the next decade, each at an outlay of US$4-6 bln. For this purpose, Reliance plans to invest at its operations in Dubai, which it perceives will be the nerve centre of the company's international operations.
Currently, the Indian major imports US$30-40 billion worth of oil mainly from the Gulf, refines it and exports gasoline worth US$80 billion to Europe and the USA. Investing in the Gulf could help the company save costs on transportation and logistics, and in turn help the GCC countries, which are suffering an acute shortage of refining capacity.