Reliance sets aside $27 billion for acquisitions, gas explorations

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In November, the company signed deals with Iraq's Kurdish Regional Government for two onshore blocks, Rovi and Sarta.

In October, a newspaper reported that the refiner was in talks to sign contracts for stakes in two oil blocks in Peru.

This week it signed contracts for two oil and gas blocks in Colombia where it plans to spend $50 million over the next six years.

In a separate development, in March, RIL and state-run gas transporter GAIL agreed to explore options jointly to transport and sell Reliance's gas from its deep-sea fields in the Krishna Godavari (KG) basin and set up city gas distribution networks across Indian cities.

Earlier this month, the two companies signed an initial deal to jointly set up petrochemicals plants overseas.

"The decision will enable us to look for opportunities globally on a competitive scale for the petrochemicals business which will further strengthen India's position on the global map," Mukesh Ambani said in a statement.

The company is also reportedly in talks with Kuwait Petroleum Corp for partnering in refining and petrochemicals projects in Kuwait and elsewhere.

Sensex heavyweight RIL hopes to become the largest oil refiner and has spent over $5.6 billion on a 580,000 barrel per day (bpd) refinery project in Jamnagar, near an existing 660,000 bpd refinery owned by the company.

Once commissioned in 2008, the complex will become the world's biggest refinery.

RIL is India's largest private sector oil refiner with turnover of $25.51 billion and a market value of over $100 billion. It is India's first and only private sector company to feature in the Fortune Global 500 list of 'World's Largest Corporations' since 2004 and ranks amongst the world's top 200 companies in terms of profits. RIL also emerged in the world's 10 most respected energy/chemicals companies and amongst the top 50 companies that create the most value for their shareholders in a global survey and research conducted by PricewaterCoopers (PwC) and Financial Times (FT) in 2004. RIL also features in the Forbes Global list of world's 400 best companies and in FT Global 500 list of world's largest companies.

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