Reliance to invest US$10 mln in oil refining, petrochemicals and plastics sector in Egypt

10-Aug-07

India's Reliance Industries plans to US$10 billion in the oil refining, petrochemicals and plastics industries in Egypt. The investment outlay will include US$1 billion towards building an oil refinery and US$7 billion towards the petrochemical sector. The last decade has seen investments by Reliance in hydrocarbon assets in Oman, Yemen and East Timor. While it has oil assets in Yemen, in east Timor and Oman the company is dealing in gas. Reliance plans to take advantage from Egypt's growing prominence as a big source of gas as well as the country's strategic location with Europe and the proximity to the huge potential market of the African continent.