Reliance Petro may complete Jamnagar project next year

Mumbai: Reliance Petroleum Ltd has spent Rs 21,975 crore until September 30, for its greenfield refinery project at Jamnagar, Gujarat. The work on the project is 70 per cent complete and the final completion is expected before December 2008, the company said in a statement.

The refinery project is being implemented at a capital cost of Rs 27,000 crore. It will have an annual crude oil processing capacity of 5.8-lakh barrels per stream day. The company said that the spending was more than an earlier projected Rs 16,974 crore because of advance payments to contractors.

Reliance Petroleum is a 75 per cent subsidiary of Reliance Industries Ltd with 5 per cent equity being held by Chevron India Holdings Pte Ltd, a wholly owned subsidiary of Chevron Corporation of the US.