RIL shares gain after expansion at Jamnagar refinery

NEW DELHI: Shares of oil-to-telecom behemoth Reliance Industries (RIL) were trading higher in early trade on Wednesday after the company said it has commissioned the world's largest refinery off-gas cracker (ROGC) complex at Jamnagar which will use refinery process residue to produce feedstock used to make petrochemicals.

The ROGC is part of the $11 billion capital expenditure RIL had announced in one of the largest brown-field expansion of energy and petrochemical projects globally.

Shares of the company opened at Rs 924.45 and touched a high and low of Rs 927.20 and Rs 913.30, respectively, eventually closing 0.54 per cent up at Rs 916.35.

In a press statement, RIL said it has "successfully commissioned and achieved design throughput of the world's first ever and largest ROGC complex of 1.5 million tonnes per annum capacity along with downstream plants and utilities."

Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Limited said: "The world's first ROGC and downstream plants marks a paradigm shift in the profitability and sustainability of RIL's petrochemicals business. The ROGC complex is built on our core philosophy of deep feedstock integration to establish industry leading cost and efficiency benchmarks. This world scale petrochemicals expansion, once again showcases RIL's unique competitive advantage in efficient execution of complex projects and flawless commissioning capabilities, adding yet another jewel to its crown."