RPL hopes to complete Jamnagar refinery project ahead of schedule

Mumbai: Reliance Petroleum expects to complete its 5,80,000 barrel per day export- oriented refinery at Jamnagar, Gujarat, ahead of the December 2008 schedule.

The Mukesh Ambani Group firm is building the refinery adjacent to its existing 6,60,000 barrel per day refinery.

Based on the progress made till date, the project is expected to be completed ahead of December 2008, the company said in a filing with the Bombay Stock Exchange.

As of March 31, the company had utilised Rs23,319 crore for the project as against a projected Rs22,130 crore, the filing said, adding, "The variation is mainly due to payments in advance under project contracts for continued efficient and speedy implementation of the project."

Chevron Corporation of the US has a five per cent stake in the company. It also has the right to raise its interest to 29 per cent before the plant is commissioned.