Reliance Industries Ltd, India's biggest company by market value, which has made its mark on the global gas scene with the discoveries in the KG Basin and also runs the world's biggest refining complex, now also wants to repeat its success story in Latin America.

The Colombian government has already invited RIL for participating in the expansion of two refineries in Cartagena and Barranca.

NDTV has learnt that RIL may participate in doubling the capacity of Cartegena refinery to 1 lakh sixty thousand barrels a day whereas the capacity of Barranca refinery will be expanded to three lakh barrels per day.

But RIL is likely to face stiff competition from Venezuela's PDV and Brazil's PetroBras in the race to pick up 51 per cent stake in the JV with EcoPetrol.

The project cost is about Rs 12,000 crore but with a war-chest of about Rs 18,000 crore that would the last thing in RIL's mind specially when the investment will give RIL access to the markets of Latin America and Carrabin Iceland.