RIL to expand Jamnagar capacity to double sales
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Reliance Industries (RIL), India's largest private sector oil and gas company, plans to expand capacity at its twin refineries in Jamnagar, Gujarat, as it aims to double revenues in four to five years.
"We are looking to expand both our refineries at the DTA (domestic tariff area) and SEZ (special economic zone) with the target of doubling the revenue. Investment in downstream segment is very much part of the plan," RIL CEO (marketing and refinery) Tony Fountain said at the sidelines of the Petrotech conference. Fountain, however, did not give any investment figure.
RIL chairman Mukesh Ambani had told shareholders at the company's annual meet in June that RIL plans to invest around R1 lakh crore over the next four to five years across businesses, aimed at doubling operating profit during the period.
It is in the process of setting up a $4-billion petroleum coke gasification project that will produce synthetic gas to replace expensive LNG as fuel at the refinery. "We are adding significant project of petroleum coke gasification," Tony said.
Fountain said the company plans to configure the product slate of the refineries by adding new high-demand products.
RIL posted a higher-than-expected gross refining margin (GRM) of $7.6 per barrel during the first quarter ended June 30.
GRM is an effective tool to measure the efficiency of any refinery. Higher GRM is also a reflection of a refinery's technological superiority.
RIL said its planned investment will be spread over core operations of refining, petrochemicals and exploration, as well as new ones like retail, broadband telecom and financial services.
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