FILE PHOTO: Mukesh Ambani, Chairman and Managing Director of Reliance Industries.
NEW DELHI: A global glut in natural gas is threatening to undermine a US$4bil investment by Reliance Industries Ltd. aimed at boosting profits at the world’s largest oil refining complex.
The project made all the sense in the world when energy magnate Mukesh Ambani’s conglomerate announced it in 2012: convert petroleum coke, or petcoke, one of the cheapest and dirtiest refinery by-products, into gas needed to power the massive Jamnagar complex on India’s west coast.
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