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Reliance to sell new plant’s output from April

Reliance to sell new plant’s output from April
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First Published: Mon, Feb 09 2009. 03 04 PM IST
Updated: Mon, Feb 09 2009. 03 04 PM IST
New Delhi: India’s Reliance Industries plans to start selling petrol, diesel and jet fuel from its new export refinery from April, a senior company official said, delaying its plan to start in January.
On 15 January, Reliance’s President P Raghavendran told reporters fuel exports would begin in January itself as all units of subsidiary Reliance Petroleum were likely to be ready in a few days.
The company now expects exports to begin in April.
“We have lots of regulatory and other processes to be sorted out,” the Reliance official, who did not want to be identified, told reporters on the sidelines of a conference on Monday.
Traders said Reliance had already sold a 35,000 tonne cargo of naphtha from the new plant last month.
Reliance Petroleum, in which US oil giant Chevron holds a 5% stake, in December began processing crude at the new facility, which sits adjacent to the parent’s existing 660,000 bpd refinery at Jamnagar in western India.
After reaching full capacity, the $6 billion new refinery and the existing plant will make the Jamnagar complex the world’s single-biggest supplier of fuels to the global market, pumping out 1.24 million bpd.
In December, Reliance’s crude processing fell 7.8% in December from a year ago, marking its biggest fall in processing since a 17.5% dip in October 2007, when a 330,000 crude unit was shut down.
Reliance’s export-focused plants are facing weak global demand, though the official said the company would step up exports.
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First Published: Mon, Feb 09 2009. 03 04 PM IST
More Topics: Reliance | India | oil | Production | Jamnagar |