Reliance Industries Ltd (RELI.NS), operator of the world’s biggest refining complex, will invest 750 billion rupees ($9.38 billion); over 5 years to expand its oil to chemical business, its chairman Mukesh D Ambani said.
“We are committed to maximize 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 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 to ease with a global push for clean energy.
Reliance last year announced a plan to invest over $10 billion to build four giga factories at Jamnagar; to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen.