Reliance to start refinery in second quarter of 2008

Reliance to start refinery in second quarter of 2008
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First Published: Tue, Jun 26 2007. 11 50 PM IST
Updated: Tue, Jun 26 2007. 11 50 PM IST
Mumbai: India’s top private firm, Reliance Industries Ltd, hopes to commission its new 580,000 barrel per day (bpd) refinery by the second quarter of 2008 and aims to acquire oil retailing assets in the US and Europe, a top official said on Tuesday. The refinery was scheduled to be completed by December next year. It is being built by its subsidiary Reliance Petroleum Ltd, in which Chevron Corp. holds 5%. The unit is located near Reliance Industries’ 660,000 bpd refinery, the world’s third-largest, at Jamnagar in the western state of Gujarat. “The new refinery is likely to be commissioned in the second quarter of 2008. We are looking at Europe and the US for exports,” P.M.S. Prasad, president and CEO, petroleum, said. The early finish to the refinery contrasts with a series of delays, setbacks and cancellations at other refinery projects around the world, in part due to higher costs and a strained contractor industry. Reliance is also keen to acquire oil retailing assets or companies in the US and Europe, Prasad said. “Our experience in India has given us expertise and understanding of the situation in a developing country,” he said.
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First Published: Tue, Jun 26 2007. 11 50 PM IST