Reliance Unveils Over $9 Billion Plan To Expand Oil To Chemicals Business
NDTV
Reliance Industries will invest $9.38 billion over 5 years to expand its oil to chemical business, its chairman Mukesh Ambani said.
Reliance Industries Ltd, operator of the world's biggest refining complex, will invest 750 billion rupees ($9.38 billion) over 5 years to expand its oil to chemical business, its chairman Mukesh D Ambani said.
"We are committed to maximize oil to chemicals integration and convert our advantageous feedstock streams to high-value chemicals and green materials," Mr Ambani said at an annual shareholders meeting.
Reliance's two refineries at Jamnagar in western India have the capacity to process about 1.4 million barrels per day of crude.
Refiners in India and elsewhere are boosting petrochemicals output to meet rising demand and help hedge against lower margins for conventional fuels as consumption of gasoil and gasoline is set to ease with a global push for clean energy.
