The Hindu Business Line : Reliance Petro ties up with Australian co for oil exploration

FORGING AHEAD: The Australian Prime Minister, Mr. John Howard, flanked by Mr P.M.S. Prasad (right), CEO & President, Reliance Petroleum Ltd, and Mr John Ellice, Managing Director & CEO, Santos Ltd, at a meeting in Mumbai on Tuesday. - Paul Noronha

Mumbai , March 7

Reliance Petroleum, the wholly owned subsidiary of Reliance Industries Ltd, on Tuesday signed a memorandum of cooperation with the Australian company, Santos Ltd, for jointly exploring opportunities in oil and gas sector.

Santos is a leading oil and gas exploration and production company in Australia having operations in the US and many other countries.

The memorandum of cooperation was signed in the presence of the visiting Australian Prime Minister, Mr John Howard, at a luncheon organised in his honour by the Bombay Chamber of Commerce and Industry. This was one of the three agreements signed on the occasion.

The agreement envisages co-operation in oil and gas exploration in an `agreed area of interest' including South and South-East Asia, said an Australian government official.

A Reliance official later said oil exploration is a risky business and joining hands with others would help the company share the risk.

Reliance Petroleum, which is setting up a greenfield refinery in Gujarat, has announced its plan to raise Rs 6,000 crore through an initial public offer of shares.

The other two agreements were between the Indian Institute of Technology, Bombay and two Australian universities for joint research in IT and establishing training centres.

Addressing the gathering, Mr Howard highlighted the possibilities of more joint ventures between companies in India and Australia. The Prime Minister was accompanied by a business delegation from leading companies in Australia. He said India is the second largest source of students for Australian educational institutions. And for Indian students, Australia is the third largest destination for education after the UK and the US.

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