INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Reliance Industries Chairman Mukesh Ambani wants to be ahead of the global shift from fossil fuels to renewable energy.
At the
41st AGM on Thursday, he said RIL is exploring new value creation opportunity in an environment where growth in fossil fuel demand could
stagnate in a few years.
RIL, Ambani said, would now be focusing on maximising oil-to-chemicals conversion and upgrade all its fuels to
high-value petrochemicals
have successfully commissioned and stabilised the world's largest Paraxylene complex," Ambani added
Today, Reliance is the second-largest PX producer in the world and Jamnagar has the distinction of being the largest manufacturing facility
of PX in the world with 4.2 million tonne of capacity, he said
refining and marketing segment increased by 29.8 per cent YoY to Rs 93,519 crore ($ 14.3 billion) led by 24.2 per cent YoY higher crude oil
prices during the quarter
Segment EBIT declined by 10.9 per cent YoY to Rs 5,607 crore ($ 860 million), largely on account of reduced crude throughput and adverse
move in Brent-Dubai differentials
GRM for Q4 FY18 stood at $11.0/bbl as against $11.5/bbl in Q4 FY17
optimistic that these verticals will soon be contributing to profitability as much as the core business.
Ambani said the RIL-BP JV is
seeking new opportunities to market gas in India
According to Ambani, RIL has also become the largest recycler of PET bottles in the country.
The company is proposing a cross-border merger
of RHUSA (
Reliance Holding USA) with itself and targets 30-35 mmscmd gas production by 2022
It has plans to reach full production in KG-D6 basin soon
