RIL to invest Rs1 lakh crore over 5 years across businesses
07 Jun 2012
Reliance Industries Ltd hopes to increase production from its sagging D6 gas block in the Krishna-Godavari Basin by 30 million cubic metres per day, RIL chairman Mukesh Ambani told shareholders today.
The additional production will be realised through further exploration and development at the field, Ambani said at the company's 38th annual general meeting, without specifying costs or timelines.
On RIL's partnership with British explorer BP, Ambani said that it would bring in best technology to achieve best results.
"Partnerships similar to (that with) BP will be important for company's growth; RIL has grown stronger due to expansion of asset base," he said.
Ambani said volatile crude prices and a subdued margin outlook for products have deterred profit growth. He said that Reliance will continue to reinvest cash in new projects to boost earnings.
Ambani announced the setting up of a new gas-cracker plant at RIL's Jamnagar refinery, one of the world's biggest.