RIL ahead of schedule, cost on Jamnagar refinery

12 October 2007 09:38  [Source: ICIS news]

MUMBAI (ICIS news)--India’s Reliance Industries Limited (RIL) expects its Jamnagar refinery project to be completed ahead of schedule at nearly half the capital cost of international refineries of similar size, chairman Mukesh Ambani said on Friday.

"Reliance is extending its competitiveness at Jamnagar with ongoing investments," he added.

Over the next three-to-four years, Reliance will be investing $8bn-$9bn at its Jamnagar site, which has considerable profitability potential, Ambani said.

"While similar projects all over the world have to contend with time delays and cost over-runs, Reliance will bring its unique execution capability to complete this project within targets and thereby create significant value," he added.

Reliance is also planning to expand its derivatives footprint beyond traditional commodity petrochemicals to specialities such as ethylene oxide derivatives and acrylics, he said.

"On the strength of the India play, Reliance will be extending its petrochemical participation to countries with feedstock advantage and high-growth markets, such as Egypt and Russia," he added.

By: Divya Chowdhury
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