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India

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Reliance Industries set out its plans to invest in petrochemicals and green energy during its annual shareholder meeting. Chairman Mukesh Ambani said Reliance will invest 750 billion rupees ($9 billion) over the next five years to expand production of petrochemicals as it seeks to maximize the conversion of crude oil into chemicals. Reliance owns the 1.2 million b/d Jamnagar refinery in India, which already transforms a large portion of the crude it processes into petrochemicals. By 2026 the company plans to complete construction of a purified terephthalic acid (PTA) plant with a capacity of 3 million tons/yr and a polyethylene terephthalate plant with a capacity of 1 million tons/yr. Reliance said it will also triple its current polyvinyl chloride (PVC) capacity with expansions at Jamnagar and in the United Arab Emirates, which will make it one of the world's top five PVC producers. Reliance has sought to shift its refinery output toward petrochemicals because it anticipates that demand for diesel and gasoline will be eroded by growing sales of electric vehicles. Reliance plans to invest 750 billion rupees in the coming years to build four factories to make solar panels, electrolyzers, fuel cells and energy storage systems. Ambani said the company will consider doubling that investment when the initial plans are completed.

Topics:
Refining, Chemicals, Renewable Electricity
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