Reliance refinery gives up export unit statusApril 18th, 2009 - 8:00 pm ICT by IANS
Mumbai, April 18 (IANS) The Mukesh Ambani-controlled Reliance Industries Ltd has surrendered the export-oriented unit (EOU) status of its refinery in Gujarat’s Jamnagar to sell fuel in the domestic market.
“The refinery will now operate as a non-EOU refinery to cater to increasing demand of petroleum products in the country,” the company said in a statement.
The Jamnagar refinery has a processing capacity of 660,000 barrels per day.
Reliance Industries had earlier decided to merge its refining subsidiary Reliance Petroleum with itself to achieve operational synergies.
After the merger, the company will have a combined capacity of 1.23 million barrels per day.
The move would also help the company save on taxes as it would have to pay higher taxes if it were to continue with the EOU status.
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Tags: export oriented unit, gujarat, jamnagar refinery, merger, mukesh ambani, petroleum products, processing capacity, reliance industries, reliance industries ltd, reliance petroleum, subsidiary, synergies