Reliance Petroleum Limited (RPL) on Wednesday announced to achieve its target of completing world’s sixth biggest refinery being constructed on Special Economic Zone at Jamnagar well before its decided schedule.
The Company in a released statement has announced that it has achieved 90% completion of its 5,80,000 barrel per day export-oriented refinery ahead of its decided schedule of December 2008. This refinery is being constructed in the adjacent of its existing refinery of 6,60,000 barrel per day in Jamnagar.
This new constructing refinery is in the expansion plan of RPL to be one of the biggest export oriented refinery in the world. However, RPL’s existing refinery is already the biggest green-field refinery in the world while in the overall category it is on the third position in the globe.
“RPL has mobilised sufficient site infrastructure to sustain construction on fast track even in the coming quarters. RPL expects to complete the refinery ahead of schedule.” said RPL in the released statement.
Mukesh Dhirubhai Ambani, the Chairman of Reliance Petroleum Ltd on this achievement has said, "I am pleased with the remarkable progress achieved by RPL so far and the team's preparedness for completing the refinery ahead of schedule.”
“The team is fully geared up and motivated to commission the refinery ahead of its initial schedule of December 2008. RPL is poised to create a new world record for project implementation in the refining sector.” he added.
For completing this target, Reliance Mukesh Ambani group have invested Rs. 23,319 crore against projected budget of Rs. 22,130 crore in which company has raised Rs.8,100 crore through IPO.
The investors in the stock markets are waiting to complete this refinery as its mega IPO of 45-crore equity shares came on April 2006 with a price band of Rs. 57-62 and issued the IPO equity to the investors with sum of Rs. 60 per equity share while in the Indian bourses it was listed at Rs. 101.95 with 70% premium on May 11, 2006.
The current price of RPL in the Bombay Stock Exchange is Rs.186.90 at the closing time on Thursday evening. The investors and the market traders are expecting to zoom the share prices of RPL after completing its’ SEZ refinery.
In the release, the company said, “We are well on our way to create a new benchmark for project implementation in the global refining sector. RPL is poised to benefit from emerging opportunities in the sector to create superior value for its shareholders."
US Energy giant Chevron Corp has a five percent stake in the company and has a right to sell its interest to 29 per cent before the plant is commissioned.
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