RPL to start production ahead of schedule

Reliance Petroleum Limited (RPL) on Tuesday said it would commission its refinery ahead of schedule. The company said nearly 94 per cent of the project has been completed.

RPL had raised Rs 8,100 crore from the primary market to part-finance the refinery with an annual capacity of 27 mmtpa (million metric tonnes per annum). The most of the remaining fund was borrowed while Chevron chipped in fund against its acquisition of a 5 per cent stake in the company.

Till June 30, the company has invested Rs 25,515 crore in the refinery. This is higher than the projected investment of Rs 24,125 crore as the company made an advance payment to the contractors in order to ensure speedy implementation of the project, the company informed the stock exchanges.

Reliance group m-cap crosses $74 bn

Total market capitalisation of the four Mukesh Ambani-controlled Reliance group companies - Reliance Industries, Reliance Petroleum, IPCL and Reliance Industrial Infrastructure — on Tuesday crossed $74 billion at $74.22 billion (Rs 3,01,341 crore) and is Rs 3,159.30 crore away from the $75 billion mark.

Two group companies, Reliance Industries (Rs 1,780) and IPCL (Rs 353.50), on Tuesday closed at their all-time highs on the Bombay Stock Exchange.

Reliance Industries, the group flagship, accounted for Rs 2,47,470 crore market capitalisation, Reliance Petroleum (Rs 42,570 crore), IPCL (Rs 10,582 crore) and Reliance Industrial Infrastructure (Rs 719 crore).

Since beginning of calendar 2007, the total market capitalisation of the group companies appreciated 40 per cent (Rs 86,459 crore) from Rs 2,14,882 crore on January 1, 2007.

RIL to divest in oil and gas arm abroad

Reliance Industries Ltd (RIL) will induct a strategic partner in its overseas oil and gas projects which are being spun off into a new entity.

Sources familiar with the development said RIL is to divest 20 to 25 per cent in the Dubai-based Reliance Exploration and Production DMCC, the holding company for RIL’s foreign oil and gas projects.

Global energy major Chevron Corporation, which has equity interest in RIL’s subsidiary Reliance Petroleum, might be the preferred partner for Reliance Exploration, they added. An RIL spokesperson declined to comment.

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