OREANDA-NEWS. October 16, 2012. Reliance Industries Limited (RIL) and the Venezuelan state oil company, Petroleos de Venezuela, SA (PDVSA) have signed a 15 year heavy crude oil supply contract and a Memorandum of Understanding (MOU) with PDVSA to further development of Venezuelan heavy oil fields.

PDVSA will supply between 300,000 and 400,000 barrels per day of Venezuelan heavy crude oil to Reliance’s two refineries in Jamnagar under a 15-year crude oil supply contract.

As per the MOU, Reliance will explore upstream options for joint participation in heavy oil projects of the Orinoco Oil Belt.

RIL will also cooperate with PDVSA by providing technical assistance and sharing its experience of executing large scale projects in areas of offshore upstream, refining and other downstream projects.

The signing of the contract and MOU marks further strengthening of the long-standing relationship between RIL and PDVSA.

Reliance Industries Limited (RIL) is India’s largest private sector company on all major financial parameters with a turnover of INR 339,792 crore (USD 66.8 billion), cash profit of INR 31,994 crore (USD 6.3 billion) and net profit of INR 20,040 crore (USD 3.9 billion) as of March 31, 2012.

RIL is the first private sector company from India to feature in Fortune’s Global 500 list of 'World's Largest Corporations' and ‘World’s Top 100 companies’, ranking 99th in terms of revenues and 130th in terms of profits in 2012. RIL ranks 68th in the Financial Times’ FT Global 500 list of the world's largest companies. RIL is ranked amongst the ’50 Most Innovative Companies - 2010' in the World in a survey conducted by the US financial publication - Business Week in collaboration with the Boston Consulting Group (BCG). In 2010, BCG also ranked RIL as the second highest ‘Sustainable Value Creators’ for creating the most shareholder value over the decade in the world.