Reliance Industries chairman Mukesh Ambani on Friday said Reliance is executing 1.4 million tonne of paraxylene capacity in the polyester segment in Jamnagar. It is also setting up an integrated 2.3 million tonne purified terephthalic acid and 540,000 tonne of polyethylene terephthalate complex at Gandhar and a 360,000-tonne polyester filament yarn plant in Silvassa.
?These initiatives translate to the single largest capacity addition in polyester in the history of Reliance,? Ambani said. RIL would also make one of the largest investments anywhere in the world in polyester and petrochemical manufacturing facilities in the next five years, which sources said would be to the tune of $9 billion (Rs 41,400 crore). ?The polyester business has been the front runner in Reliance?s path of progress and profitability,? said Ambani at the 36th annual general meeting.
In petrochemicals, ?Reliance is unleashing a new wave of petrochemical projects, encompassing existing and new product-market domains.? India?s high rate of economic growth is giving a boost to the automobile, construction, agriculture, processed food and organised retail sectors.
RIL is accelerating the implementation of an off-gas cracker at Jamnagar which will have over 1.5 million tonne per annum of olefins capacity, making it one of the largest facilities in the world.
In the petroleum refining and marketing segment, Reliance commissioned its new 580-kbpsd refinery in a special economic zone at Jamangar last year. the facility has an aggregate refining capacitly of 1.24 million barrels per day.
Along with the petrochemical facilities, Reliance will go ahead and build one of the largest coke gasification facilities in the world. ?The new petroleum refinery with superior gross margins coupled with value addition through off-gas cracker, paraxylene and coke gasification will significantly enhance the profitability from the Jamnagar complex,? Ambani said.
In oil & gas, ?the commissioning and stabilisation of the KG D6 project in a record time marks a proud new milestone in the journey of Reliance.?
Within just one year, Reliance has ramped-up production at KG-D6 and has supplied about 510 billion cubic feet of natural gas. The production level now exceeds 60 mmscmd of natural gas and over 30,000 barrels of crude oil per day.
Reliance has built an international portfolio in conventional oil & gas sector spanning over 14 blocks in 7 countries. These assets are at various stages of maturity in the E&P value chain. ?We shall be drilling the first exploration wells in our assets at Kurdistan in northern Iraq and in East Timor. In Colombia, Yemen, and Oman, we shall continue our efforts through application of cutting-edge technology to establish the presence of petroleum systems within our acreages,? Ambani said.
With shale gas becoming the most promising development in the energy area in North America, Reliance would build a significant position in the business, he added.