India-based Reliance Industries Ltd (RIL) will invest up to USD 9 billion through 2011 to create a petroleum and petrochemicals complex at Jamnagar in Gujurat, India. The plans are to build the world’s largest combined-cycle, coke-gasification complex with an annual capacity of 6 million tons. The new petrochemicals complex will have an annual capacity of 2 million tons of olefins and match downstream capacities. RIL intends to invest USD 4 billion in hydrocarbons and expand paraxylene capacity from 1.9tns per annum to 4.5 million. This will give the complex a 15% share of global capacity. Ethylene capacity at the site will be doubled to 3.2 million TPA. The company wants to extend its petrochemical business to high growth markets, such as Russia and Egypt, with a strategy of building strength in India first and then leveraging it to build a global business. RIL will invest a further USD 4 billion of risk capital to realize the hydrocarbon potential of India. This is in addition to the USD 2 billion already invested in the sector. The first gas discoveries in Krishna Godavari are expected to be in production in 2009. RIL expects the gas production rate to be equivalent to about 500,000 barrels of crude oil per day, representing 30% of the country’s current crude oil import.
