RPL plans setting up unit in Kuwait

-

line with its plans to set up greenfield projects outside India, Mukesh Ambani's Reliance group is considering setting up a polypropylene unit in Kuwait.

Reliance Petroleum Ltd (RPL) has begun the spadework, and is in the process of completing necessary surveys for the project, company sources said.

The company already has operations in the Gulf states to market polypropylene. If this project fructifies, it will be Reliance's first unit outside India. The company is in talks with a couple of players to join in the polypropylene project.

The company is also in the process of recruiting manpower for the project, according to sources familiar with the developments.

Reliance is Asia's largest polypropylene manufacturer and with a combined capacity of over one million tonnes, it figures among the top eight polypropylene producers in the world. The company has a 70 per cent share in the Indian market and caters to three per cent of the world's consumption of polypropylene.

Third refinery

Reliance Industries (RIL) is also looking to set up a refinery project in Kuwait. "Reliance is exploring the Gulf region as an option for its proposed third refinery," the sources said.

Kuwait Petroleum Corp has said in the past that it was in talks with Reliance for a partnership in refining and petrochemicals projects together with Dow Chemicals. A Reliance spokesperson said that the company has been carrying out feasibility studies in various countries, including Kuwait, but he refused to comment on any specific project.

Exploring partnerships

RIL has also signed an MoU with GAIL to explore opportunities for petrochemical plants outside India.

RIL and GAIL are already working together in specific areas in the natural gas sector, as in gas pipelines and for city gas distribution.

Last year, the two companies listed ten countries, among them Qatar, Abu Dhabi, Bahrain, Vietnam, Australia, South Africa, and Russia, as likely locations for chemical projects of up to two million tonnes. At Jamnagar, RPL has completed 90 per cent of work on a new refinery coming up within an SEZ.

The refinery is likely to be commissioned in September this year.

Popular posts from this blog

IOB capitalises on hike in stake by LIC

-
Indian Overseas Bank rose 1.53% to Rs 46.45 at 10:31 IST on BSE, after the biggest domestic instutional investors Life Insurance Corporation of India hiked its stake in the state-run bank. The bank made this announcement after trading hours on Wednesday, 25 March 2009. Meanwhile, the BSE Sensex was up 126.19 points, or 1.31%, to 9,794.09. On BSE, 31,003 shares were traded in the counter. The stock had an average daily volume of 1.93 lakh shares in the past one quarter. The stock hit a high of Rs 47 and a low of Rs 45.95 so far during the day. The stock hit a 52-week high of Rs 156.80 on 2 May 2008 and a 52-week low of Rs 37.55 on 9 March 2009. The mid-cap bank stock had underperformed the market over the past one month till 25 March 2009, falling 3.17% as compared to the Sensex's 8.60% rise. It had also underperformed the market in the past one quarter, declining 33.94% as compared to the Sensex's 1.04% rise. The bank's current equ The current price of ...
Read more

Lok Housing & Constructions builds on fund raising plans

-
Lok Housing & Constructions jumped 6.99% to Rs 107.90 at 11:20 IST on BSE ahead of a board meeting to consider fund raising options from both foreign and local market, including an institutional placement. Meanwhile, the BSE Sensex was down 50.50 points, or 0.30%, at 15203.73. On BSE, 1.86 lakh shares were traded in the counter. The scrip had an average daily volume of 4.74 lakh shares in the past one quarter. The stock hit a high of Rs 115 and a low of Rs 102 so far during the day. The stock had a 52-week high of Rs 390.50 on 1 January 2008 and a 52-week low of Rs 96.25 on 12 June 2008. The scrip had underperformed the market over the past one month till 12 June 2008, falling 26.55% compared to the Sensex's 10.18% decline. It had also underperformed the market in the past one quarter, falling 31.39% compared to Sensex's 3.24% fall. The small-cap housing projects developer has an equity capital of Rs 42.88 crore. Face value per share is Rs 10. The current...
Read more

economic times picks

-
CMP: Rs 70.50 Target Price: Rs 90 CLSA Asia-Pacific Markets maintains an 'outperform' on Jagran Prakashan, with a 12-month price target of Rs 90. "An economic slowdown notwithstanding, improving literacy and income levels in Hindi heartland imply that drivers for Jagran's growth are still in place. With a 35% ad rate hike in 2008, Jagran continues to narrow the gap with its more expensive English rivals," the foreign brokerage said in a client note, after a Q&A reply from the management. "Rising newsprint prices have made Jagran cautious on launching new editions in FY09 and its focus this year will be profitability. While management has budgeted for a minor increase in FY10 newsprint prices, it believes that prices are likely to peak in Q2FY08 and decline thereon," it added. Neyveli Lignite CMP: Rs 117.15 Target Price: Rs 160 MERRILL Lynch has maintained its 'neutral' rating on Neyveli Lignite, with a price target of Rs 160 ...
Read more