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Mumbai, April 16

Reliance Petroleum’s new Jamnagar refinery is expected to be completed ahead of its scheduled time of December 2008; the project has utilised Rs 23,319 crore for its refinery project at Jamnagar as of March 31, 2008, against a projected utilisation of funds of Rs 22,130 crore, a statement from the company said. “The variation is mainly due to payments in advance under project contracts for continued efficient and speedy implementation of the project,” sai d the statement, issued after its board meeting on Wednesday. It had raised Rs 8,100 crore through its initial public offering. The project implementation level is at 90 per cent, while the overall procurement progress is 99 per cent, and the construction progress at 80 per cent, said the company, describing the activity as being in the “close-out mode.”

– Our Bureau

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