Online edition of India's National Newspaper
Thursday, Feb 16, 2006
Online edition of India's National Newspaper Thursday, Feb 16, 2006 |
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MUMBAI: Reliance Petroleum Ltd, a part of Mukesh Ambani-controlled Reliance Industries Ltd, has raised $1.5 billion from various financial institutions to part finance its $6 billion Jamnagar refinery project. The company had mandated 14 major international as well as domestic banks to arrange this syndicated loan, an RIL release said here. RIL was setting up an export oriented refinery with installed capacity of 27 million tonnes and nine lakh tonnes annually polypropelyne complex at Jamnagar, which once completed would be sixth largest at any single location in the world, it added. Reliance Petroleum has already announced its plans to go ahead with domestic IPO of $1.1-1.3 billion as part of its financing for the refinery project. The company is developing the new refinery, with a Nelson Complexity Index of 14.5, as one of the most complex refineries in the world and its high complexity would enable the refinery to process a wide variety of crude with a flexible output. The total cost of the project was expected to be $6 billion, which was the largest petrochemical/refinery project investment in Asia, the release added. — PTI
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