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World’s Largest Refinery In Jamnagar Set For Further Expansion: $10 Billion Plant In The Offing, Says Report
RIL Chairman, Mukesh Ambani. (Debasis Palit/The India Today Group/Getty Images)
Reliance Industries Limited (RIL), India’s largest firm by revenue, plans to expand its Jamnagar refinery, as reported by Mint. The Jamnagar refinery, commissioned in 1999, is the world’s largest with an installed capacity of 1,240,000 barrels per day.
The proposed plans will boost the refinery's capacity by about half, giving it the ability to process 30 million tonnes of crude oil every year with the expansion set to cost the company $10 billion. It has been reported that discussions are underway between Reliance and the global refinery process licensors and equipment vendors with regards to the project.
India is already the third largest oil consumer in the world, behind China and the US apart from being is the world's fastest growing oil consumer. However, India imports 80 per cent of its oil.
In 2018, India’s refining capacity rose by 5.8 per cent on account of capacity expansion at Reliance’s Jamnagar refinery and Bharat Petroleum's (BPCL) Kochi refinery. Reliance’s refineries source crude oil from mostly oil fields in the Middle East and sell the refined fuel to markets like China, Japan, South Korea and Taiwan.
RIL also overtook TCS (Tata Consultancy Services) to become India’s most valued firm by Market capitalisation on 16 November 2016.
Also Read: Reliance Shuts Down Its Sole Oil Field In Krishna Basin
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