16 March 2010;timesofindia.indiatimes.com:NEW DELHI/NEW YORK: Energy giant RIL is eyeing a big stake in a US natural gas field, for which it is believed to be putting in USD 1-1.5 billion, days after losing its $14.5-billion takeover bid for global petrochemicals major LyondellBasell. "Under the deal as considered, Reliance would pay between USD 1 billion and USD 1.5 billion to take a joint venture stake with Atlas...," the Wall Street Journal reported today. Atlas owns the targeted natural gas field Marcellus Shale. Sources said that Reliance Industries is said to be eyeing a joint venture with Nasdaq-listed Atlas Energy for developing the Marcellus Shale gas operations. WSJ quoting several people familiar with the matter, said that Mukesh Ambani-led RIL is in "late stage talks to buy a big stake in a US natural gas field". According to the report, Atlas Energy is said to be seeking a "50-50 partner". The report said the deal is expected to make RIL, the first Indian company to buy into the Marcellus, which has drawn big investments from other foreign firms. "Reliance is nearing a deal to partner with Atlas Energy, which controls about 584,000 acres in the expansive Marcellus Shale, a huge gas-bearing formation that stretches from West Virginia to New York," the daily noted. Meanwhile, an RIL spokesperson declined to comment on the matter and queries sent to Atlas Energy remained unanswered.
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