Mukesh Ambani-led Reliance Industries Ltd, which owns the world’s largest oil refining complex at Jamnagar in Gujarat, plans to further raise the capacity of its twin refineries as part its plan to double profit over the next five years.
“Our chairman has already said that Reliance will be doubling (operating) profit and downstream business that includes oil refining and marketing, is very much part of this plan,” RIL’s CEO (Refining & Marketing) Tony Fountain told reporters at the Petrotech 2012 conference on Monday.
RIL operates two refineries in Gujarat — a 33 million tonnes domestic-tariff area (DTA) refinery that sells most of its products to domestic market and a 29 million tonnes refinery only-for-exports or SEZ unit.
Fountain also said RIL was “looking at (refinery) configuration” to produce more value added products. He, however, refused to provide further details of the investment.