RIL to start refinery, gas production in second half FY09

Mumbai, Jun 12 (UNI) Mukesh Ambani-owned Reliance Industries Limited will start refinery and gas production in the second half of the current fiscal.

Reliance will sell gas at USD 25 per barrel equivalent, compared with more than USD 135 per barrel in global markets, RIL Chairman Mukesh Ambani told shareholders here today.

He said that the exports grew at 25 per cent in the FY08, which aggregated 60 per cent of the total turnover. Further, the Company will pursue greenfield investment and acquisition in polyester operations. The new refinery at Jamnagar will add nine lakh tonne per annum to polypropylene capacity.

The Group's petroleum unit will commission its new refinery in the second half of FY09, which will increase its ability to process crude oil to 1.24 million barrels per day, equivalent to about two per cent of global capacity, Ambani said.

He said that they will remain committed to long-term potential of petroleum retail business and leverage retail opportunity through majority stake in Gulf Africa Petro.

CBM block in Sohagpur has in place capacity of 3.76 tonne cubic feet. The East-West gas pipeline from KG-D6 will be completed by year-end, Ambani said.

MORE UNI PP GR VKG1432