Mumbai, July 16 Reliance Petroleum Ltd (RPL) has completed 65 per cent of the project work for the refinery complex, which is coming up coming up in a SEZ at Jamnagar.
The project was commenced 19 months ago.
Engineering and procurement activities is nearing completion and the refinery is well on track for completion by December 2008, RPL said in statement after its second annual general meeting on Monday.
Mr Mukesh Ambani, Chairman, RPL said, “On commissioning, RPL refinery will be sixth largest refinery in the whole world. Along with the RIL refinery, this will become the single largest refinery complex globally. And this will make Jamnagar the ‘Refining Hub of the World’. This complex will process two barrels out of every hundred barrels in the world,” he said.
Mr Ambani said that the fast-track implementation efforts of RPL have resulted in achievement of significant progress on the ground.
The substantial progress achieved so far gives the company confidence that the project is well on track for completion by December 2008.
At the industry level, global refining fundamentals remain intact and promise exciting value creation opportunities for complex refineries.
Buoyant outlook for the global economy augurs well for petroleum products and reinforces confidence on long-term prospects for the sector, he said.Related Stories:
Reliance Petro spends Rs 4,054 cr on refinery project
Reliance Petro raises $1.5 b loan for Jamnagar refinery project