Friday, December 14, 2007

Reliance to infuse USD 24 bn in Middle East

Reliance Industries (RIL) intends to pump in USD 24 billion over the next ten years in setting up petrochemicals projects in the Middle East.

RIL is planning to set up a number of petrochemical plants in the next decade, with each costing USD 4 to 6 billion. It is believed that building USD 5 billion petrochemicals plants in the Middle East will be the best way for Reliance to meet India`s quadrupling demand of chemicals in the next 10 years.

Reliance wants to tap the growing demand for chemicals in Asia, especially in China and India.

Shares of the company closed down Rs 54.15, or 1.88%, at Rs 2,832.75. The total volume of shares traded at the BSE was 461,201. (Thursday).

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