By IANS
New Delhi : Reliance Petroleum Ltd (RPL) might commission its 29-million metric tonne per annum (mmtpa) capacity greenfield refining project ahead of the Dec 2008 schedule.
RPL, a subsidiary of Mukesh Ambani-promoted Reliance Industries Ltd, is implementing this project at an investment of Rs.$6.13 billion.
The new refinery is coming up next to the company’s existing refinery located in a special economic zone in Jamnagar of Gujarat, where the capacity is being expanded from 33 mmtpa to 60 mmtpa.
After commissioning of the greenfield and expansion capacity, RPL will have a total of 89 mmtpa of refining capacity in the complex, the world’s largest, according to RPL.
The company said it expected to complete the project before the Dec 2008 schedule.
“The company has achieved 82 percent overall progress in just 24 months since commencement of its refinery, coming up in a special economic zone (SEZ) at Jamnagar,” RPL informed Bombay Stock Exchange Tuesday.
“Based on the progress so far, the company is on course to complete the project ahead of its initial schedule of December 2008,” the statement added.
“I am pleased with the rapid pace of RPL project implementation and the team is now fully geared to sustain the construction on fast track even in the coming quarters,” said Mukesh Ambani, chairman and managing director, RIL, on this occasion.
“We are well on the way to create history by successfully completing the refinery ahead of its initial schedule,” he added.
“RPL is poised to benefit from emerging opportunities in the refining sector and create superior value for its shareholders,” Ambani said.