Reliance Ind eyeing refineries in US, Europe

Indian energy giant Reliance Industries is in preliminary talks with US-based Valero Energy, Sunoco and Flying J to buy refineries, the Business Standard newspaper reported, citing unidentified sources.

Royal Dutch Shell's three refineries in Europe are also on the company's radar, the sources told the paper.

Reliance Industries, owner of the world's biggest refining complex, is planning to buy assets worth $3 bn to $4 bn, the paper said, citing two unnamed senior officials.

Last week, the firm's senior vice president, Maurice Bannayan, said Reliance Industries is negotiating to acquire refinery and petrochemical units in the United States and Europe and could finalise a deal by the end of 2009.

Reliance Industries declined to comment. Sunoco, Valero and Flying J could not be immediately reached for comment.