RIL to start getting revenues from K-G basin
RIL will start getting revenues from its natural gas discoveries in K-G basin from 2009-10, Chairman and Managing Director Mukesh Ambani said on Monday.
By PTI |
NEW DELHI: Reliance Industries Ltd, the country's largest private firm, will start getting revenues from its natural gas discoveries in K-G basin from 2009-10, Chairman and Managing Director Mukesh Ambani said on Monday.
The company has found "large quantities" of gas in the Krishna-Godavari basin off the Andhra coast. It has drilled 32-33 wells and made more than 25 discoveries, he said on the sidelines of the India Economic Summit here.
He said Indian upstream sector remained unexplored and the government has put in place one of the finest policies for encouraging exploration in the country.
RIL had early this month filed a revised development plan with upstream regulator Directorate General of Hydrocarbons, doubling its estimates to 80 million standard cubic meters of natural gas from its K-G basin finds.
Ambani also said the group's Jamnagar refinery expansion was on track and would be completed by middle of 2008.
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RIL's subsidiary Reliance Petroleum is building a 27 million tonnes refinery near the parent company's existing 33 million tonnes refinery in Jamnagar, Gujarat.He also said taxation impact on petroleum products needed to be alleviated. "New mould of taxation is required in petroleum sector as seen in other sectors where low tax has benefited," he said.
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