At 45th AGM, Reliance unveils Rs 75k-cr plan to boost oil to chemicals biz

Reliance Industries Ltd, operator of the world’s biggest refining complex, will invest Rs 75,000 crore ($9.38 billion) over 5 years to expand its oil to chemical business, its chairman Mukesh D Ambani said.

“We are committed to maximise oil to chemicals integration and convert our advantageous feedstock streams to high-value chemicals and green materials,” Ambani said at an annual shareholders meeting.

Reliance’s two refineries at Jamnagar in Gujarat have the capacity to process about 1.4 million barrels per day of crude.

Refiners in India and elsewhere are boosting petrochemicals output to meet rising demand and help hedge against lower margins for conventional fuels as consumption of gasoil and gasoline is set to ease with a global push for clean energy.