New Delhi, Oct. 15: Reliance Industries today said it planned to expand its refining capacity at its twin units in Jamnagar, Gujarat, to double its profits in five years.
“Our chairman (Mukesh Ambani) has said Reliance will be doubling (operating) profit. Downstream (oil refining and marketing) are very much part of this plan,” Reliance CEO (refining & marketing) Tony Fountain told reporters at an oil conference here.
One refinery in Jamnagar caters to the domestic market and has a capacity of 33 million tonnes per annum; the other one is meant for exports, with capacity of 29 million tonnes per annum.
The company ranks second in domestic refining after Indian Oil, which has a capacity of 65.7 million tonnes per annum.
India’s oil refining capacity will rise 24 per cent to about 267 million tonnes by 2015-16. These plans do not include the RIL expansion.
Batting for a level-playing field in the retail fuel business, Fountain said the government should either free diesel pricing or provide an equal amount of subsidy to private firms.
He said the company continued to keep most of its 1,452 retail outlets closed in the absence of a level playing field with its public sector rivals.