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Thursday, June 12, 2008

RIL's new refinery to go on stream this year

Mukesh Ambani led Reliance Industries (RIL) will commission its new refinery at Jamnagar this year. The new refinery will process 580,000 barrels of crude every day.

With the new facility, the total refining capacity at its Jamnagar complex will go up from 0.66 million barrels to 1.24 million barrels. Jamnagar will acount for 2 per cent of global petroleum refining capacity.

"Of late there have been many announcements about setting up new refineries in various part of the world. They are yet to see fruition. Ours is the first large refinery added in recent times to meet global demand,'' Mukesh Ambani, chairman of Reliance Industries, said. Reliance would also be commissioning 900,000 tonne polypropylene capacity this year. "This would make Reliance the third largest polypropylene producer in the world,'' Ambani said.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jun 05
20:00 EIA Natural Gas Storage Change 1 122B 111B 101B
21:00 4-Week Bill Auction 1 4.170% 4.215%
21:30 Fed's Kugler speech 2
23:00 Fed's Harker speech 2
23:00 Fed's Schmid speech 2
Friday, Jun 06
11:30 Halifax House Prices (MoM) 1 0.4% 0.3%
11:30 Halifax House Prices (YoY/3m) 1 3.2%
12:30 Foreign Currency Reserves 1 703B
18:00 Average Weekly Hours 1 34.3 34.3
18:00 Average Hourly Earnings (MoM) 3 0.3% 0.2%
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