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RIL’s AGM: Focus on upgrading fuels to high-value petrochemicals

With the migration to renewable energy gaining momentum, Reliance Industries (RIL) on Thursday indicated that it will maximise its oil-to-chemicals conversion and upgrade all fuels to high-value petrochemicals. In the 41st annual general shareholder meeting (AGM), RIL chairman and managing director Mukesh Ambani said this upgrade will be implemented in a phased manner over the next decade to meet the rapidly increasing demand for petrochemicals, in India and the region. RIL indicated that the Paraxylene and Cracker complexes are already running substantially higher than their design capacity. Talking about the KG-D6 block, RIL indicated that it aims to reach full production in a few years. RIL, along with its joint venture (JV) partner BP, is planning to invest Rs 40,000 crore over the next three-five years to develop the discovered deepwater resources in the KG-D6 block, the company had said in its FY18 annual report. RIL had said the development work for the R-Cluster fields had commenced while the field development plans for MJ and Satellite-Cluster fields have been approved by the government. It expects the fields to come onstream in the next three to five years. The company is also proposing a cross-border merger of RHUSA with RIL, thereby integrating the US gas resources with Indian market as has been done with ethane for petrochemicals. Our coal-bed methane production crossed 1 mmscmd level last year. We have started the second phase of CBM development to more than double the current production,

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