Reliance rallies after it commissions new ROGC at Jamnagar refinery
Investors in shares of Reliance Industries cheered the commissioning of the world’s largest refinery off-gas cracker complex at Jamnagar. The stock was higher by around 2 percent intraday
The company on Tuesday said that the complex will use refinery process residue to produce feedstock used to make petrochemicals.
The ROGC is part of the USD 11 billion capital expenditure RIL had announced in one of the largest brownfield expansion of energy and petrochemical projects globally.
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.”
ROGC uses off-gases from RIL’s two refineries at Jamnagar as feedstock.
“This innovative approach of integration with refineries provides a sustainable cost advantage, making ROGC competitive with respect to the crackers in the Middle East and North America which have feedstock cost advantage,” the statement said.
The ROGC design is highly flexible and energy efficient. It is the latest addition to RIL’s existing cracker portfolio, consisting of cracker facilities at Nagothane in Maharashtra and Hazira, Dahej and Vadodara in Gujarat.
The company was in the news recently after Reliance Communications entered into an agreement to sell its wireless assets to Reliance Industries’ telecom arm Reliance Jio, the Anil Ambani-led company said in a statement on Thursday. The transaction, which is subject to lenders’ and other applicable approvals, will close in phased manner in January-March 2018.
As part of the deal Reliance Jio will take over Reliance Communications’ 4G spectrum in 800/900/1800/2,100 MHz bands, fibre optic cable spanning 1,78,000 km pan India and 43,000 towers.
At 09:38 hrs Reliance Industries was quoting at Rs 919.70, up Rs 8.30, or 0.91 percent, on the BSE. It touched an intraday high of Rs 927.20 and an intraday low of Rs 917.45.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
(With inputs from PTI)