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Sunday, Jun 08, 2008
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Business Daily from THE HINDU group of publications Sunday, Jun 08, 2008 ePaper | Mobile/PDA Version | Audio |
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Petroleum Corporate - New Projects
The supply from RPL’s new refinery will represent almost 50 per cent of the estimated global oil demand growth in 2009.
Mr Mukesh Ambani Our Bureau Mumbai, June 7 Reliance Petroleum Ltd’s Rs 27,000-crore refinery project in Jamnagar, which will be the world’s sixth largest, is set to go on stream before the December 2008 scheduled date for completion. “I am happy to announce that the refinery will also start generating revenues from this year itself,” Mr Mukesh Ambani, RPL’s Chairman, told the third AGM of the company at Jamnagar on Saturday. Along with the existing refinery at Jamnagar, the entire refinery complex will have a total processing capacity of 1.24 million barrels a day. “The supply from RPL’s new refinery will represent almost 50 per cent of the estimated global oil demand growth in 2009. And it should increase global production capacity of both gasoline and diesel by around one per cent,” Mr Ambani said. The RPL refinery project, which was flagged off in December 2005, is being set up in an SEZ and will be an export-oriented unit. With Asia expected to contribute 60-70 per cent of incremental demand, the refinery will focus on these markets to export its products. “The most important market for gasoline will be the US, Africa and West Asia. Increasing prices of crude and products across the globe have become one of the key issues facing the world today. However, the demand for petroleum products continues to grow despite high oil prices. Therefore, the long-term outlook for refining margins continues to be positive, especially for complex refiners like RPL,” according to Mr Ambani. The RPL refinery will have the ability to process heavy and sour crude, apart from producing value added products. He claimed that the refinery will be one of the complex refineries in the world with a Nelson Complexity Index of 14.0. Project milestonesIn the last quarter of the last fiscal, RPL had achieved about 90 per cent progress in implementation of the project. During the quarter, the other milestones that the project crossed included completion of engineering, procurement and contracting activities, near completion of equipment deliveries and encouraging progress on equipment installations at site. The overall procurement progress was at 99 per cent and deliveries and installations of over-dimensional cargoes (ODC) and super ODCs were completed by the end of the last fiscal. Procurement and contracting activities for all required equipment and bulk materials were also completed. RPL had received 5,350 equipment, including several ODCs and super heavy equipments from vendors across the world. With this, 93 per cent of the equipment were already at site. More Stories on : Petroleum | New Projects | Reliance Petroleum Ltd
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