RIL conducts first-leg of road-show in Singapore to raise $1.5-billion foreign loans: Report

Mukhesh Ambani controlled, Reliance Industries (RIL), on July 11, conducted the first-leg of a road-show in Singapore to raise $1.5-billion foreign loans to fund the expansion of its petrochemicals facility at Jamnagar, as mentioned in media reports. The second leg of road show would be held in Taipei on July 13, 2012.

Owner of the largest refining complex is expanding its petrochemicals business as its bets Indian demand for materials used to make plastics and polyester will help offset weak global fuel sales. The company in total will spend $8 billion to boost capacity and $4 billion on a plant to make combustible gas for powering its refineries and petrochemicals factories in western India.

Recently, the company selected Technip as a technology supplier and engineering contractor to implement its Refinery Off-Gas Cracker (ROGC) project, a development which is a part of the expansion project being executed at RIL’s world-scale Jamnagar refining and petrochemical complex in Gujarat, on the West Coast of India. The ROGC plant will be amongst the largest ethylene crackers in the world and will be using refinery off-gas as feedstock. The products from the plant will be utilized for the new downstream petrochemical plants being built at Jamnagar.