(EnergyAsia, September 30) — India’s largest private company Reliance Industries is targeting the US and EU as new export markets as it invests about $5.7 billion to nearly double its Jamnagar refinery capacity to 60 million tonnes per year. The expanded plant is expected to be ready by March 2009, making the plant one of the largest in the world.
P.M.S. Prasad, president and CEO of Reliance’s Petroleum Business, said the US is its biggest target market, especially in the aftermath of Hurricanes Katrina and Rita, which has damaged oil and gas production facilities in the Gulf Coast.
Jamnagar Refinery is one of Asia’s most modern plants and is equipped to crack heavy sour crude to produce lighter and better fuels. The result: spectacular refining margins of more than US$10 a barrel.
The plant exports about 80% of its production.