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Reliance to raise annual naphtha exports by 500,000 tonnes in FY18

Firm exports more than 200,000 tonnes of naphtha per month

Reuters  |  Mumbai/Singapore 

Reliance Industries, Reliance

Industries Ltd's annual will rise by 500,000 tonnes in the current financial year as it switches to at its petrochemical projects, a company executive said.

Asia is structurally short of and relies on the West and the Middle East to fill most of the gaps.

Reliance, owner of the world's biggest refining complex and also a leading petrochemical player, on an average, more than 200,000 tonnes of in a month.

aims to import 1.4 million tonnes of from North America in 2017-18 and the imports will rise to 1.6 million tonnes from the next financial year, said Vipul Shah, chief operating officer for petrochemicals at

The conglomerate will use at its crackers at Dahej, Hazira and Nagothane in western India. Previously the Dahej and Nagothane plants were running on gas while Hazira was using as feedstock.

"Since we will be able to bring in 1.4 million tonnes of our operating profit can go up by $300 million this fiscal year," Shah said at a conference.

Billionaire Mukesh Ambani-promoted has been posting robust petrochemical margins. The company posted a petrochemicals operating profit margin at an all-time high of 15.8 percent in the June quarter, it said last month.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, August 23 2017. 16:09 IST