Reliance oil and gas projects might be delayed
Reliance Industries (RIL), India’s biggest company by market value, is unlikely to meet its previously-announced commissioning schedules for two key oil and gas projects, as depressed global fuel demand, the financial market turmoil and legal challenges to its plans force it to push back deadlines, company officials with knowledge of its plans say.
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Reliance Petroleum will start production by mid-November 2008
As per Business Standard, Reliance Petroleum Ltd plans to start its 580,000 barrels per day refinery by mid-November, slightly later than expected but within the firm’s December target.
Reliance to pump oil in Sept, gas in Oct-sources
India’s Reliance Industries aims to pump gas from its east coast block from October and oil from September, slightly later than expected but within a broad target of the second half of 2008, company sources said. Read more
Reliance ready to roll out gas by December from KG basin
Reliance Industries (RIL), India’s largest company by market capitalisation, will begin producing gas from its Krishna- Godavari (KG) field, which is off the country’s east coast, “by December” this year, a senior executive said on. Read more
India’s Reliance: revenue from new refinery this yr
India’s Reliance Industries Ltd expects to start making revenues from its new 580,000 barrels per day (bpd) oil refinery this year, its chairman said.
The refinery, which is being built by unit Reliance Petroleum, will have a lead over other upcoming export refineries in Asia and the Middle East, and is expected to make robust margins, Mukesh Ambani told shareholders at the weekend.
Together with Reliance Industries’ existing 660,000 bpd refinery, the new unit will make the Jamnagar complex in western Gujarat state the world’s biggest, with a capacity of 1.2 million bpd.
Chevron Corp holds 5 percent in Reliance Petroleum.
A source had told Reuters in April Reliance will begin testing its new refinery in July and commission it in September.
“At time of the refinery project announcement, a number of large-scale greenfield export refineries had also been announced in the Middle East and Asia,” Ambani said at the weekend.
“RPL will be the first off the mark with a multi-year lead over other greenfield refineries. This will give it a huge advantage,” he said, adding the refinery will start generating revenues “from this year itself”.
The supply from the new refinery will represent almost half of the estimated global oil demand growth in 2009, and should increase global production capacity of both petrol and diesel by around 1 percent, he said.
Demand for energy was expected to remain buoyant, and the long-term outlook for refining margins “continues to be positive, specially for complex refiners,” Ambani said.
Source: reuters.com
New RPL refinery set for world record
The supply from RPL’s new refinery will represent almost 50% of the estimated global oil demand growth in 2009 and should increase global production capacity of both gasoline and diesel by around 1%.
Reliance Petroleum Ltd (RPL) chairman Mukesh Ambani, while addressing the company’s third AGM at Jamnagar in Gujarat, said the RPL refinery would have the ability to process heavy and sour crude and would also produce value-added products that meet the quality specifications across the globe.
Ambani said his team was set to create a world record by constructing the new refinery at Jamnagar in less than 36 months. The company is constructing an export-oriented 29 million tonne refinery adjacent to RIL’s existing 33-mt refinery at Jamnagar.
“This project will be the world’s sixth largest refinery. With the existing RIL refinery at Jamnagar, it will have a total processing capacity of 1.24 million barrels per day,” he said.
In view of these advantages, RPL will be very well positioned to enhance shareholder value, according to Ambani. “This will hugely augment India’s export position and earn valuable foreign exchange for the country. This will also strengthen India’s position as one of the premier countries for quality fuel products,” he added.
Source: financialexpress.com
Reliance Petroleum Raised to `Buy’ From `Sell’ at Citigroup
Reliance Petroleum Ltd., a unit of India’s most valuable company, was raised to “buy” from “sell” at Citigroup Inc. due to widening refining margins.
The company would have reported gross refining margin of as much as $30.90 a barrel if its refinery had already started processing crude oil, analyst Rahul Singh wrote in a report today. Reliance Petroleum’s 580,000-barrel-a-day plant will be completed in December.
Citigroup reduced the stock price target for the company by 7 percent to 204 rupees a share.
Reliance Petroleum declined 0.3 percent to 172 rupees at the close of trading in Mumbai.
The stock was downgraded to “sell” by Goldman Sachs Group Inc. earlier today, on concern that refining margins may weaken.
Read more: http://www.bloomberg.com/apps/news?pid=20601091&sid=alWbmAaNniIc&refer=india
New India refinery could squeeze margins globally
Reliance Petroleum’s new refinery in India may lead to lower margins on gasoline and diesel for refiners in Europe and the U.S. when it starts production this year, a report said.
The 580,000-barrel-a-day Jamnagar refinery, a unit of Reliance Industries, India’s most valuable company, will increase global output of both gasoline and diesel by about 1 percent while adding 0.7 percent to global refining capacity, Bernstein Research said in a report today.
”Its massive scale and high complexity will mean it is likely to have a significant impact on global product markets,” said Neil McMahon, an analyst, in the report e-mailed today. ”It will be a harbinger of the changes to come in the refining industry over the next five years as other greenfield export refineries are constructed in the Middle East and Asia.”
The $6-billion refinery, which Bernstein called the world’s sixth-largest, is being built adjacent to a 660,000-barrel-a-day plant owned by Reliance Industries and is scheduled for completion by December this year. The combined facility will be the world’s biggest refinery, according to the parent.
Over the next five years, new, export-led refineries in Asia and the Middle East will add 4 percent in capacity annually, outpacing a 1.9 percent growth in demand a year for light products, including gasoline and diesel, the report said.
Refining margins are currently ”unsustainably low” and should rise in the short term into the peak of the driving season in summer, McMahon said, citing Valero Energy Corp., the largest U.S. refiner, as its ”top refining pick.”
Reliance’s refinery, in which Chevron owns 5 percent, benefits from capacity additions because of its scale, complexity and flexibility to supply any market that offers the highest price, the report said.
The refinery is able to process lower cost, high sulfur, heavy crude grades, turn them into premium, low sulfur fuels and ship them at lower transport costs because of its location close to the Arabian Peninsula, the report said. At $10,300 a barrel of capacity, the venture costs about half as much to build as other projects in the Middle East and elsewhere, according to the report.
Reliance may export gasoline and alkylate to the U.S. West Coast in summer and to Asia in the winter, while supplying low sulfur, less polluting diesel to Europe, the report said. The refinery has a complexity of 14 on the Nelson scale and technology that enables it to produce high quality fuels and shift production among products based on market prices.
Read more: http://www.chron.com/disp/story.mpl/headline/biz/5813720.html
Enter in Reliance Petroleum at Rs 145: VK Sharma
Moneycontrol.com - Mumbai,India
VK Sharma, Anagram Stock Broking is of the view that one can enter in Reliance Petroleum at Rs 145 odd. Sharma told CNBC-TV18, “Till the time RPL commences
Reliance Petroleum has strong base at Rs 160: Bhambwani
Reliance Petroleum has strong base at Rs 160: Bhambwani
Moneycontrol.com - Mumbai,India
Technical Analyst, Vijay Bhambwani is of the view that for Reliance Petroleum Rs 160 would be a fairly strong base at this point in time
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Our dreams have to be bigger. Our ambitions higher. Our commitment deeper. And our efforts greater. This is my dream for Reliance and for India.
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Date Time:01-12-2008 05:28
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