i Develop Stocks Advisory

RPL set for world record in construction of refinery: Ambani Reliance Petroleum Limited chairman Mukesh Ambani today said his team is set to create a world record by constructing the new refinery at Jamnagar in less than 36 months. The company, a unit of country's most-valued firm Reliance Industries, is constructing an export-oriented 29 million tonne refinery adjacent to RIL's existing 33 million tonne refinery at Jamnagar in Gujarat. The project was conceptualised in December 2005 and construction started in April 2006, sources in the industrial house said. Addressing the third annual general meeting of RPL at Moti Khavdi in Jamangar, Ambani said the company will ensure the refinery project is completed in less than 36 months, which will be a record. "I am happy to announce that refinery will start generating revenues from this year itself," he said. He said on completion, this mammoth project will be the world's sixth largest refinery. "With the existing RIL refinery at Jamnagar, it will have a total processing capacity of 1.24 million barrels per day. This will make Jamnagar the refining capital of the whole world," Ambani said. "On completion, the RPL refinery will have the ability to process heavy and sour crude. It will also produce value added products meeting the highest quality specifications in the world," Mukesh added. He said "during this year, the number of shareholders of RPL went up from close to 12 lakh to nearly 20 lakh. This reflects the immense confidence investors have placed in company's future.