(MENAFN) Reliance Industries stated that it will expand its work in the petrochemicals business counting on the increase in demand for plastics and polyester, which petrochemicals are raw materials for, report Times of Oman.
In this plan, the company is going to spend USD8 billion to boost its production in addition to USD4 billion to construct a plant for supplying its facilities that are based in the west of India with combustible gas.
In addition, the company intends to construct a plant to change Petroleum coke into a synthesis gas which is not expensive compared to natural gas.
It is worth mentioning that Reliance Industries suffered a 30 percent decrease in its stock price in 2011 resulting from international factors like the Chinese economy slowdown, Indian lower gas production and Europe's debt crisis.
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