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New Delhi: Mukesh Ambani-led Reliance Industries (RIL) plans to invest Rs 70,000 crore for setting up crude-to-chemical projects adjacent to the existing Jamnagar site, an integrated petroleum refinery and petrochemical complex, as part of its oil-to-chemical strategy, the company said in an application to the environment ministry.

“Aligned to the national Make-in-India objective, RIL plans to optimally leverage the Jamnagar refinery + gasification assets, as a future growth platform, to maximize petrochemicals, termed as crude-to-chemicals. For setting up the crude-to-chemical growth projects in Jamnagar, RIL proposes to develop a total area of 2,000 acres adjacent to the existing Jamnagar supersite,” the company said as part of the application.

RIL plans to undertake setting-up a host of oil-to-chemical units including multi-feed steam cracker to maximize chemical monomers, setting-up of Multizone Catalytic Cracking units for conversion of feedstock to high value propylene and ethylene, converting existing fluid catalytic cracking units to Petro FCC for maximizing production of olefins and aromatics instead of gasoline.

The company also said it plans to set-up aromatic complex along with chemical complexes to produce streams of C1, C2, C3, C4 and C6 chemicals.

As part of RIL’s strategy to stay ahead of the curve amid a shift towards renewable energy and electric mobility the company plans to transform the Jamnagar refinery from a primary producer of fuels to chemicals. The Jamnagar refinery, at the culmination of the oil-to-chemical transition, will only produce jet fuel and petrochemicals, according to the company.

“All refined products priced below crude shall be eliminated for chemicals at initial stage. Final fuel de-risking shall target elimination of gasoline, alkylate and diesel, synchronised to the global evolution of E-mobility and transport fuel demand decline,” RIL had said in its 2018-2019 annual report.

The company aims to achieve over 70 per cent conversion of crude oil in Jamnagar to olefins and aromatics. RIL’s petrochemical production during the second quarter ended September increased to 9.9 Million Tonne (MT) from 9.4 MT in the corresponding quarter last year.

The company’s market value briefly surpassed BP for the first time at the end of last month and it has now regained the lead over the British company after its shares hit a fresh high in Mumbai on Wednesday. RIL's market capitalisation today edged closer to Rs 10 lakh crore mark, a first for any Indian company.