Jamnagar, Gujarat, Jun 7 (UNI) Reliance Petroleum Limited (RPL) Chairman Mukesh Ambani today said work on the Jamnagar RPL refinery will be completed in less than 36 months, which will be a new record for project implementation of large refineries across the world.
Addressing the third annual general meeting of the RPL here today, Mr Ambani said the RPL refinery was conceptualised in December 2005. During the year, the Company has made rapid progress in implementation of this world class project. In the process, several significant milestones were surpassed which include completion of engineering works, procurement and contracting activities.
He said that pre-commissioning activities in the main process units are progressing rapidly and this significant advantage has been achieved in view of the fact that same team which ensured seamless startup of the existing refinery at Jamnagar is working on this project. ''This has given us full confidence about the early execution of the project,'' he said.
This project is poised to successfully capture the exciting opportunity in global refining and enhance value. This is because of its large scale, high coomplexity and the likely completion of the refinery ahead of schedule at significantly lower capital costs than similar refineries in the world today, Mr Ambani said.
He said 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. ''The demand for energy continues unabated because it is the most critical determinant of economic success in todays world. Therefore, the prospects for the refining sector remains encouraging,'' he said.
During this year, the number of shareholders went up from close to 12 lakhs to nearly 20 lakhs which reflects the immense confidence investors have placed in the Company's future and also indicates that they recognize the promising value creation opportunity it presents, he added.
UNI PVN MAZ RL ND2000