News Release Details
RIL to commission refinery in 2008
New Delhi 27-Jun-2007
Reliance Industries (RIL), the country's top private company, hopes to commission its new 580,000 barrels-away refinery by the second quarter of 2008, and aims to acquire oil retailing assets in the United States and Europe, according to the company's top executive on Tuesday. The refinery was scheduled to be completed by December next year. It is being built by the subsidiary, Reliance Petroleum, in which Chevron holds a 5 per cent stake. The unit is coming up near the 660,000 bpd Jamnagar refinery. "The new refinery is likely to be commissioned in the second quarter of 2008, we are looking at Europe and USA for exports," according to P M S Prasad, president and CEO, petroleum, RIL Reliance was also keen to acquire oil retailing assets or companies in the United States and Europe, said Prasad. The company's network of petrol stations had captured 15 per cent of the market last year, but subsidized sales by state-run Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation hurt its operations. "Our experience in India has given us the expertise and understanding of the situation" he added. Reliance is also optimistic about a steady start in gas production in its deep-sea field in the Krishna-Godavari basin off the country's east cost. The field, which will double the country's natural gas out-put when it starts pumping 80,000 The refinery is coming up near Reliance’s Jamnagar unit cubic meters a day next year, is being developed at a cost of $5.2 billion. Prasad said Reliance had obtained the government's approval to spend another $3.6 billion to maintain the field after it starts production.
New Delhi 27-Jun-2007
Reliance Industries (RIL), the country's top private company, hopes to commission its new 580,000 barrels-away refinery by the second quarter of 2008, and aims to acquire oil retailing assets in the United States and Europe, according to the company's top executive on Tuesday. The refinery was scheduled to be completed by December next year. It is being built by the subsidiary, Reliance Petroleum, in which Chevron holds a 5 per cent stake. The unit is coming up near the 660,000 bpd Jamnagar refinery. "The new refinery is likely to be commissioned in the second quarter of 2008, we are looking at Europe and USA for exports," according to P M S Prasad, president and CEO, petroleum, RIL Reliance was also keen to acquire oil retailing assets or companies in the United States and Europe, said Prasad. The company's network of petrol stations had captured 15 per cent of the market last year, but subsidized sales by state-run Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation hurt its operations. "Our experience in India has given us the expertise and understanding of the situation" he added. Reliance is also optimistic about a steady start in gas production in its deep-sea field in the Krishna-Godavari basin off the country's east cost. The field, which will double the country's natural gas out-put when it starts pumping 80,000 The refinery is coming up near Reliance’s Jamnagar unit cubic meters a day next year, is being developed at a cost of $5.2 billion. Prasad said Reliance had obtained the government's approval to spend another $3.6 billion to maintain the field after it starts production.