16 October 2007 14:16 [Source: ICIS news]
MUMBAI (ICIS news)--India’s Reliance Petroleum Limited (RPL) has achieved more than 70% overall progress in the implementation of its refinery complex at Jamnagar in Gujarat state and the project is ahead of schedule, it said on Tuesday.
"The team is fully geared up and motivated to commission the refinery ahead of its initial schedule of December 2008. RPL is poised to create a new world record for project implementation in the refining sector," said RPL chairman Mukesh Ambani.
During the last quarter, engineering efforts reached a close-out phase with more than 97% cumulative progress and overall procurement progress exceeded 92%, RPL, which is implementing the project for Reliance Industries, said in a statement.
"At the industry level, global refining fundamentals have strengthened further and promise exciting value creation opportunities for large and complex refiners," it added.
RPL also saw robust growth in demand for transportation fuels worldwide, despite high crude oil prices, it added.
"There is a continuing shortage of global refining capacity since many announced refineries are either delayed or cancelled due to schedule or capital cost concerns," it said.
There is also a global shortage of quality talent for project execution as well as for operations and maintenance, RPL said.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections