Reliance Industries (RIL) and state-owned Gail India are jointly scrutinizing the feasibility of setting up petrochemical plants in Russia. Both companies had earlier signed an MoU to collaborate in downstream projects overseas. Though both the companies have not spelt out the exact location, officials have been quoted to say "We are looking at various locations with feedstock availability and Russia could be one of them". RIL has also been surveying Russia and Gulf countries for a long time to set up petrochemical plants.
RIL had bid for Saudi Arabian Ras-Turana refinery and petrochemicals project last year, but the project was finally acquired by Dow Chemicals.
Indian companies have an opportunity to set up refineries and petrochemical projects in Russia and other CIS countries, as these countries continue to be one of the largest exporters of crude oil, but export few refined products because of poor refining capacity. India, on the other habd is a large importer of crude oil but exports refined products because of spare refining capacity.