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Our Bureau

Mumbai, July 22 For the June quarter Reliance Petroleum Ltd has overshot its budget by Rs 1,390 crore for setting up the greenfield refinery at Jamnagar.

The refinery project is expected to be completed ahead of the December deadline. It has achieved 94 per cent overall progress in implementing the project, the company said in a BSE statement.

Reliance Petroleum is setting up the export oriented refinery, with a capacity to process 580,000 barrels a day of crude. It is also setting up a 900,000 tonnes a year polypropylene plant.

Reliance Petroleum in the statement said, “As on June 30, the company has utilised Rs 25,515 crore for the project against a projected utilisation of funds of Rs 24,125 crore. The variation is mainly due to payments in advance under project contracts for continued efficient and speedy implementation of the project.”

The company added that the project engineering, procurement and contracting activities have been completed for the refinery.

Construction activities are progressing rapidly to meet pre-commissioning requirements. Planning for project start-up is completed.

The statement said the pre-commissioning activities are proceeding at a fast pace with necessary infrastructure facilities already under commissioning. The company has mobilised sufficient resources to sustain pre-commissioning and commissioning activities on fast track.

The quarter witnessed close-out of procurement and contracting activities for equipment and bulk materials.

Deliveries of equipment are nearly complete. Deliveries of bulk materials, including pipes, fittings, electrical and instrumentation bulks matched the pace of equipment deliveries and their installation at site. Focus has now shifted towards achieving a rapid close-out on this front, the statement added.

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