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AFX News Limited: Oil giants eye India’s Reliance Industries’ overseas asset stakes – report

06.18.07, 2:43 AM ET

MUMBAI (Thomson Financial) – Global oil giants including Shell, Exxon and Chevron are eying a 20-25 pct stake in India’s Reliance Industries Ltd’s (RIL) overseas oil and gas assets, reported the Hindustan Times.

RIL recently hived off these assets into a separate company, Reliance Exploration and Production DMCC. The newspaper quoted unnamed industry sources as saying that an internal team from RIL is working on a plan to sell the stake to a strategic foreign player.

The Indian daily added that a Reliance spokesperson declined to comment and e-mails to Shell and Exxon remained unanswered, while a Chevron (nyse: CVX – news – people ) official merely said the company is looking at all opportunities in the global oil and gas business.

The Hindustan Times said as per RIL’s plan, all the existing oil assets in foreign countries would be under the new entity and the new firm will bid for all future oil and gas assets abroad.

‘The road map for the transfer of assets has been prepared and the divestment plan details are being worked out,’ the newspaper stated quoting an unnamed source.

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Copyright AFX News Limited 2007. All rights reserved.

http://www.forbes.com/business/feeds/afx/2007/06/18/afx3829192.html

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