OREANDA-NEWS. Reliance Industries Limited (RIL) and the Venezuelan state oil company, Petroleos de Venezuela, SA (PdVSA) have signed a Joint Study Agreement for Ayacucho Block 8 in Orinoco Oil Belt.

As per the study agreement, both the parties will jointly evaluate the development plan for Ayacucho 8.

RIL and PdVSA have also extended the term of the MOU signed between the parties last year by one year for continued cooperation.

The signing of the Joint Study Agreement for Ayacucho Block 8 and the extension of MOU marks further strengthening of the long standing relationship between RIL and PdVSA as well as between India and Venezuela.

Reliance Industries Limited (RIL) is India's largest private sector company on all major financial parameters with a turnover of INR 371,119 crore (USD 68.4 billion), cash profit of INR 30,505 crore (USD 5.6 billion) and net profit of INR 21,003 crore (USD 3.9 billion) as of March 31, 2013.

RIL is the first private sector company from India to feature in Fortune's Global 500 list of 'World's Largest Corporations' and currently ranks 107th in terms of revenues and 128th in terms of profits in 2013. 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.