Reliance, Kuwait Pet in partnership talks - paper

MUMBAI (Reuters) - India's largest private refiner, Reliance Industries Ltd, is in talks with Kuwait Petroleum Corp for partnering in refining and petrochemicals projects in Kuwait and elsewhere, the Economic Times reported on Thursday.

The partnership could be on the lines of Kuwait Petroleum's recent agreement with U.S.-based Dow Chemicals to jointly undertake projects in Kuwait and other countries, the newspaper said quoting unidentified sources.

Saad Al-Shuwaib, an executive at Kuwait Petroleum who is on a visit to India, met Reliance officials on Wednesday to discuss possibilities of a collaboration, the paper said.

"A possible venture with Reliance Industries on the lines of the Dow Chemicals collaboration will make a strategic fit," it said.

A Reliance spokesman declined to comment on the report.

Kuwait Petroleum will also be keen to look at a presence in Reliance's new refinery, the paper said, citing sources.

Reliance Petroleum, a subsidiary of Reliance Industries, is building a 580,000 barrels per day (bpd) refinery next to its parent's existing 660,000 bpd plant in the western state of Gujarat.

U.S. oil major Chevron owns a 5 percent stake in Reliance Petroleum.