RPL refinery project completes 1 year since kick-off

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Reliance Petroleum Limited (RPL) successfully completed the first year of implementation of its world-class complex refinery, being built in a special economic zone at Jamnagar. The refinery project was kicked off in December 2005.

 

The refinery project has made rapid strides on all implementation fronts, including physical progress at the site and has achieved several key milestones during the first year itself.

 

Significant accomplishments since the project kick-off include the following:

• All statutory approvals, including SEZ approvals, have been obtained.

•The equity financing of the project was completed through a highly successful IPO that

established several new records in the Indian capital markets.

• Through successful global syndication, RPL obtained commitments for US$2bn of

debt, which is the largest foreign currency financing for any single project from India.

• RPL concluded a strategic partnership with Chevron.

• Basic engineering and a major part of detailed engineering is complete.

• All long lead and critical equipments have been ordered and remaining procurement/

contracting activities are nearing completion.

• Construction work at site has taken-off and is progressing at a rapid pace.

 

The fast track implementation of the project has led to substantial change in the skyline of the project site with civil, structural and mechanical works in full swing. RPL has developed sufficient site infrastructure to sustain construction on fast track and is ready to receive peak implementation workforce required for the project. RPL has thus set a perfect launch pad for creating new industry records for project implementation and is well on its way towards scheduled completion by December 2008.

 

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