India oil giant signs contracts in northern Iraq
Wednesday, July 9, 2008 Free Headline Alerts
LONDON — Reliance Industries, India's top exploration firm, intends to expand its presence in the Iraqi crude oil market. Reliance plans to compete for several major energy projects, including the upgrading of oil refineries.
The Indian company, which operates the world's third-largest oil refinery, has signed contracts to develop energy resources in the autonomous Kurdish region of northern Iraq.
The contracts were said to have angered the Iraqi Oil Ministry in Baghdad, which sought to approve any such deals.
Still, executives said, Reliance plans to bid for a range of unspecified projects. Reliance president P.M.S. Prasad said his company hoped to participate in oil tenders by Baghdad.