Reliance Petro Jamnagar refinery to be complete ahead of schedule
Monday, Jun 9
MUMBAI - Reliance Petroleum Ltd's refinery at Jamnagar, in Gujarat, is expected to be complete ahead of schedule, Chairman Mukesh Ambani said at the company's third annual general meeting Saturday. The refinery was scheduled to be completed in December.
Supply from the company's new refinery will represent almost 50% of the estimated global oil demand growth in 2009 and it should increase global production capacity of gasoline diesel 1%, Ambani said.
The start-up planning for the refinery is close to completion while engineering works, procurement, and contracting activities have been completed, the chairman said.
The refinery will start generating revenues from the current financial year ending March, he said. Ambani said long-term outlook for refining margins for refineries
like Reliance Petroleum remains positive due to robust demand, tight product
supplies, and slow growth of new capacities.
At 10.26AM, Reliance Petroleum shares were trading at 162.15 rupees on
the national Stock Exchange, down 2.7% from Friday.
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