COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

Reliance Petro's target: Rs 250 b in annual revenues

Reliance Petroleum Limited chairman Dhirubhai Ambani today said that with the commissioning of its refinery project, the company will generate revenues of over Rs 250 billion every year.

Speaking at the RPL's seventh annual general meeting in Jamnagar, Gujarat, Ambani pointed out that import substitution by RPL's products will save valuable foreign exchange of over Rs 60 billion every year.

The company will also contribute over Rs 60 billion annually to the exchequer, by way of various taxes, he said.

RPL is setting up the world's largest grassroot refinery project In Jamnagar. The implementation of the project is at an advanced stage, with over half-a-million manhours of work being accomplished every day. Commissioning is scheduled for the second half of the year 1999, Ambani informed.

He also disclosed that, in response to the recently announced delicensing of the oil sector, RPL is already working on strategies to maximise production from the existing project.

He expressed confidence that, given RPL's global competitiveness and world class operations, the company will generate substantial value for all its shareholders in the future.

UNI