16 July 2007 14:24 [Source: ICIS news]
"The refinery is on track for timely completion and the transition from [the] engineering and procurement phase to the construction phase has been accomplished successfully," it said.
During the company’s fiscal first quarter ended 31 June, the cumulative engineering progress crossed the 90%-mark, procurement and contracting activities were nearly completed, while civil construction was nearly finished, it added.
"Deliveries of critical, long lead equipments and over dimensional consignments (ODCs) have commenced and their installation is underway," the company said.
RPL also secured approvals for the ?xml:namespace>
"Work is progressing in full swing at the project site. The substantial progress achieved so far gives us confidence that the project is well on track for completion by December 2008," said RPL Chairman Mukesh Ambani.
The company had raised Indian rupees (Rs) 81bn ($2.01bn) through its initial public offering from May 2006, of which it has utilised Rs21bn for the project, against the projected Rs13.8bn.
RPL had also raised foreign currency loans of $2bn, making it the largest foreign currency financing for any single project in
Meanwhile, during the quarter, RPL entered into a strategic alliance with US-based Chevron. The company clarified the partnership would be for crude supply, product off-take and technology related issues.
($1 = Rs40.26)
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