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Reliance Industries said to revive plan to build chemical plant

June 02/2010

(Bloomberg) -- Billionaire Mukesh Ambanis Reliance Industries Ltd. may start work on a multibillion-dollar chemical plant this year, reviving a project to meet Indias surging demand for the raw materials for plastics, drugs and textiles.


Reliance is close to deciding the final configuration of the plant, which will be capable of producing as much as 1.6 million metric tons a year of chemicals such as ethylene and propylene, said a person familiar with the project, who declined to be identified because the information isnt public.


The plant will get its feedstock from gases and other byproducts produced at Reliances Jamnagar facility, the worlds largest oil-refining complex, and will take about four years to build, the person said.


Reliance is restoring a project originally slated to start in 2011 as refiners, including Exxon Mobil Corp., Royal Dutch Shell Plc and Saudi Basic Industries Corp., add petrochemical capacity to meet demand from Asias fast-growing economies. Cracking margins for ethylene, which fell to about $100 a ton in 2008, recovered to more than $400 in the first quarter.
This will come at a good time. We are oversupplied right now but beyond 2011, theres a sharp drop-off in terms of new capacity, said Sriharsha Pappu, a Dubai-based analyst with HSBC Bank Middle East Ltd. In the next 3 to 4 years, we could very easily be undersupplied.


Manoj Warrier, a Reliance spokesman, didnt respond to emails and phone calls requesting comment.

 

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Reliance Industries said to revive plan to build chemical plant

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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