Reliance Industries - A good buy

I was looking at good companies to buy and one company which stands out is Reliance Industries. There are several compelling reasons why I am bullish on this stock.
1 of the basic rules of good fundamental investing is that we should buy a good company with sound management in a good sector.
Now lets looks at the business model of RIL. It operates in the oil and gas space and its original segment of petrochemicals. If you look at the latest balance sheet, it speaks of 3 main lines of business:
1. E&P - Exploration and Production
2. Refining
3. Petrochemicals business

Out of their turnover for 2009-2010, 65% came from refining, 20% from petrochemicals and about 5 % from oil and gas production.
Now RIL has 1.6% of the refining capacity of the world. The refining margins for RIL was 6.6 USD per barrel a premium of 3.1 dollars over the Singapore GRM. Now, the refining margins are a play on the price oil and oil prices are going to go up and we may see 100 USD per barrel rates in the not too distant future.
The Petrochemical business is the original building block of RIL. It is the world's largest producer of polyester staple fibre and filament yarn.

The Oil and Gas business is what excites me and is the kicker for the future. The share of revenues is just 5 % now. The government has fixed the Natural Gas prices at 4.2 USD per mm BTU. This will directly benefit RIL in the KG Basin gas delivery. The court case with RNRL is finished.
Beside, it is ow exploring Shale Gas by doing a JV with Atlas in the US.
Further information about Shale Gas ca be obtained from below link:
http://en.wikipedia.org/wiki/Shale_gas
The earning per share for the company for the current financial year was about Rs 49 and the market price is Rs 1030.

The Reliance Retail has more than 100 stores spread across 85 cities across India. The profits from this venture as and when they accrue are a bonus. Take out Relaince Retail and still RIL is a huge winner.
The success of RIL depends on high crude oil prices, favorable government policies and good management. Looking at the past history, I wonder if anyone is willing to take a bet whether the above 3 factors will continue to benefit RIL.

Now, when to buy RIL. The global markets are dodgy and we do not how the deep the correction could be. The best bet is to to do a SIP in this stock. Its a stock to be kept for the next 10 years.