Tuesday July 17, 04:00 AM
Mukesh upbeat on RPL's margins
|
|
By Corporate Bureau
Refining margins in the petroleum sector continued to be strong throughout the year, and over the next five years, and light refined products are expected to account for about 80% of incremental demand for petroleum products globally, said Mukesh Ambani, chairman, Reliance Petroleum Limited (RPL) at the company's second annual general meeting (AGM) in Jamnagar on Monday. This, he said, poses "exciting opportunities for complex refiners like RPL". RPL's 5,80,000 barrels per day refinery coming up at Jamnagar is well on track for completion by December 2008, Ambani added. The RPL stock was down 2.65% on the Bombay Stock Exchange to close at Rs 115.15 on Monday. "Our company has achieved overall project progress of 65% in a short time span of 19 months since commencement, which will benefit all our shareholders in the long run," Ambani added. During the first quarter, RPL's engineering efforts peaked and cumulative engineering progress crossed the 90% mark. Procurement and contracting activities have been nearly completed. On the other hand, deliveries of critical, long lead equipments and over dimensional consignments (ODCs) have commenced and their installation is underway.
|
