RIL, Essar to set up petrochemical complex in Venezuela

Reliance Industries Limited (RIL) and Essar Oil have submitted proposals to the Venezuelan Government for setting up petrochemicals complex in the oil-rich nation. RIL has inked a deal for long-term supply of crude oil for its upcoming Jamnagar refinery for 7.5 mln tons of crude oil from Venezuela. Reliance bought 2.32 mln tons of oil from Venezuela in 2006-07 and 8.76 lakh tons in April-December 2007-08.