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DELHI, Aug 29( Reuters)- Reliance Industries Ltd(RELI.NS), operator of the world's biggest refining complex, will invest 750 billion rupees($9.38 bill
ion) over 5 times to expand its oil to chemical business, its chairperson Mukesh D Ambani said.
" We're committed to maximize oil to chemicals integration and convert our beneficial feedstock streams to high- value chemicals and green stuff," Ambani said at an yearly shareholders meeting.
Reliance's two refineries at Jamnagar in western India have the capacity to process about1.4 million barrels per day of crude.
Refiners in India and elsewhere are boosting petrochemicals produce to meet rising demand and help hedge against lower perimeters for conventional fuels as consumption of gasoil and gasoline is set to ease with a global movement for clean energy.
Reliance last year declared a plan to invest over$ 10 billion to make four giga manufactories at Jamnagar to produce solar cells and modules, energy storehouse batteries, energy cells and green hydrogen.
The Group has set an ambitious target to come a net carbon zero company by 2035, abetting the national aim of net zero by 2070 set by Prime Minister Narendra Modi. read further
Encyclopedically oil and gas companies have set varying targets for net zero emigrations.
Ambani on Monday declared a plan to set up a fifth giga plant for power electronics.
He said Reliance, formerly one of the world's largest directors of grey hydrogen, will begin transitioning to green hydrogen by 2025 and expand its solar manufacturing capacity to 20 gigawatts by 2025 for its own consumption.
Reliance is in addresses to mate with global electrolyser technology players to set up a giga- scale electrolyser manufacturing establishment at Jamnagar to deliver green hydrogen at low cost, he said.
Reliance earlier has a tie up with Stiesdal for pressurised alkaline electrolyser technology.
As part of its strategy to maximise oil to chemicals integration, Reliance will strengthen its polyester and Vinyl chains by 2026 through building of new facilities and expansion of living units as well as setting up a carbon fibre manufactory.
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