New Delhi, Oct 31 (UNI) The expansion programme of Reliance Industries Ltd (RIL) Jamnagar refinery in Gujarat, one of the biggest in the world is running ahead of schedule, a top company official today said.
The Jamnagar refinery, the world's third-largest, is currently undergoing massive expansion and is scheduled for commissioning in 2008.
The expansion aims to double its capacity to 1.25 million barrel per day, company's Executive Director Hitel R Meswani said.
The company has invested two billion dollars as risk capital in exploration activities and will further invest four billion dollars in the coming years.
There is an immense potential in India and we can export oil and gas to the whole world, Mr Meswani said in a industry conference adding that the country can become a hub of refining.
''There is a global shortage of refining capacity and thus India can become a global hydrocarbon hub,'' he added.
The geographical reach of India with the US, Europe, West Asia, Africa and Asia has a significant advantage, he said.
There will be a large surplus of petroleum products in the next five years, Mr Meswani said.
Describing about various challenges in the petroleum retailing in the country, he said that there is a lack of level-playing field and government should review the current scenario to help fair competition.
The company currently has a refining capacity of 150 million tonnes and an additional 85 MT will be done by 2012.