First gas from RIL's KG-D6 project in 2020: Mukesh Ambani
Mumbai, July 5 : Noting that Reliance Industries (RIL) has successfully commissioned both the world's largest paraxylene and off-gas cracker facilities at its refinery in Jamnagar in Gujarat, Chairman Mukesh Ambani said on Thursday that the company is looking at delivering natural gas from its KG Basin offshore project by 2020.
Addressing RIL's 41st Annual General Meeting here, Ambani said the company's hydrocarbon business has further scaled up its capacities during the period in consideration "to become more profitable, integrated and predictable in its earnings profile".
"We are now nearing the end of our largest-ever investment at Jamnagar and have successfully commissioned and stabilized the world's largest paraxylene complex.
"Reliance is the second largest paraxylene (PX) producer in the world and Jamnagar has the distinction of being the largest manufacturing facility of PX in the world with 4.2 million tonne (MT) capacity," he said.
"We also commissioned the largest off-gas cracker complex in the world. Using our refinery off-gasses as feedstock, this cracker is the most cost competitive ethylene cracker, globally."
During 2017-18, RIL's refining and petrochemical businesses posted record levels of profitability on the back of expanded capacities, high operating rates, improved cost competitiveness and better margins, the company reported in June.
Its refining and marketing segment posted a 3.2 per cent increase in operating profit which climbed to its highest ever level of Rs 25,869 crore (around $4 billion).
"Both the paraxylene and cracker complexes are already running substantially higher than their design capacity," he said.
"The butyl rubber project will be commissioned later in 2018. We are also adding new high value materials like composites and carbon fibre to our portfolio," he added.
On the exploration business, the Chairman drew attention to RIL's joint investment plan with British energy major BP to monetise over three trillion cubic feet of gas from new fields in the Krishna Godavari (KG) basin D6 block on the eastern offshore.
"We will deploy many advanced technologies to start gas production in 2020 and reaching full production of 30-35 million standard cubic meters per day (MSCMD) by 2022," he said.
"Our gas marketing JV (joint venture) with BP is looking for opportunities to source and distribute gas to Indian consumers including in cities," he added.
Ambani said that RIL's coal bed methane (CBM) gas production crossed 1 MSCMD level last year.
"We have started the second phase of CBM development to more than double the current production," he said.
The company is proposing a cross-border merger of Reliance Holdings USA (RHUSA) with RIL to integrate the US gas resources with the Indian market, he added.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
At least 2 dead and 12 missing after fishing boat sinks off South Korea's Jeju island
Seoul(AP): A fishing boat capsized and sank off the coast of South Korea's Jeju island Friday, leaving at least two people dead and 12 others unaccounted for, coast guard officials said.
Nearby fishing vessels managed to pull 15 crew members out of the water, but two of them were later pronounced dead after being brought to shore. The other 13 did not sustain life-threatening injuries, said Kim Han-na, an official at Jeju's coast guard.
She said 27 crew members – 16 South Korean nationals and 11 foreigners – were on the 129-ton boat, which left Jeju's Seogwipo port late Thursday to catch mackerel. The coast guard received a distress signal at around 4:30 a.m. Friday from a nearby fishing vessel that conducted rescue efforts as the boat sank 24 kilometers (15 miles) northwest of the island.
At least 11 vessels and nine aircraft from South Korea's coast guard, police, fire service and military were deployed as of Friday morning to search for survivors. They were being assisted by 13 civilian vessels.
South Korean President Yoon Suk Yeol called for officials to mobilize all available resources to find and rescue the missing crew members, his office said.
