Reliance Industries will expand petrochemicals production at its Jamnagar refinery in India, according to a Bloomberg report.
The expansion is aimed at helping the company profit from selling products used in consumer goods that are more valuable than exported fuels, the Bloomberg report says.
K.K. Sreeramachandran, general manager in the companys refining business, made the announcement at a conference in Dubai.
He said the company will integrate its refining units with additional petrochemicals operations at the Jamnagar site, seeking to produce more chemicals such as ethylene, polypropylene and propylene, Bloomberg reported.
The chemicals would mostly be sold to Indias domestic market, the report says.
The expansion is projected to cost from $10 billion to $12 billion and last three to four years, Sreeramachandran said, according to the article.
Construction of some units has begun while contracts are still being awarded for other segments, he noted.
The Jamnagar complex can process 1.24 million bpd of oil and already produces 1.9 million tpy of polypropylene, the Bloomberg report said.