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Tuesday, October 21, 2008

RPL Jamnagar refinery near completion

Reliance Petroleum Board of Directors at its meeting held on October 21, 2008, has approved the disclosures, which were reviewed by the Audit Committee.

The status of the Project as on September 30, 2008 is in accordance with the major milestones stated in the Prospectus dated April 28, 2006.The Company had raised Rs81bn through Initial Public Offering. As on September 30, 2008, the Company has utilised Rs257.55bn for the project against a projected utilisation of funds of Rs256.63bn. The project is in an advanced stage of completion and several process units, utilities and logistics infrastructure are mechanically complete. Other process units are under pre-commissioning trials currently.

During the quarter ended September 30, 2008, the company received 20 complaints, which along with one complaint pending at the beginning of the quarter were resolved and there was no complaint pending on September 30, 2008.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Friday, Jun 06
18:00 U6 Underemployment Rate 2 7.8% 7.8%
18:00 Average Hourly Earnings (YoY) 3 3.9% 3.7% 3.9% Revised from 3.8%
18:00 Nonfarm Payrolls 3 139K 130K 147K Revised from 177K
18:00 Labor Force Participation Rate 2 62.4% 62.6%
18:00 Average Hourly Earnings (MoM) 3 0.4% 0.3% 0.2%
22:30 Baker Hughes US Oil Rig Count 1 461
Saturday, Jun 07
00:30 Consumer Credit Change 1 $10.85B $10.17B
01:00 CFTC Oil NC Net Positions 1 165.7K
01:00 CFTC S&P 500 NC Net Positions 1 $-53K
01:00 CFTC GBP NC Net Positions 1 £35.4K
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