Reliance Industries will commission two large energy projects in the second half of this financial year, a move that will enable the company to become a major global player.
The two projects -- the new Jamnagar refinery and the East-West pipeline project -- are focused on the energy growth platform and would help in transforming the country's energy security, Reliance Industries Chairman Mukesh Ambani said during its annual general meeting on Thursday.
The new Jamnagar refinery would create the largest refining site in the world and the commissioning of oil and gas production systems will make Reliance one of the largest deep-water oil and gas companies in the world.
The Jamnagar refinery would add 5,80,000 barrels per day to global capacity and accordingly, petroleum refining capacity at Jamnagar would leap from 0.66 to 1.24 million barrels per day.
"Most importantly, almost two per cent of the global petroleum refining capacity would be in one location - Jamnagar," Ambani added.
Besides, the East-West Pipeline Gas Transmission System, built by Reliance Gas Transportation Infrastructure Limited, would connect the country's cities with gas resources.
Highlighting its financial performance, Ambani said Reliance has become the first private sector company in the country to cross Rs 15,000 crore (Rs 150 billion) in net profit.
At present, the company enjoys a global market share of 7 per cent in the polyester fibre and yarn business.
Going further, Reliance envisages consolidating its global leadership in polyester with the new 2.5 million tons per year Paraxylene manufacturing facility at Jamnagar.
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