Mumbai: Reliance Petroleum Ltd (RPL) has officially acknowledged that the 70% work of its Jamnagar refinery has been completed.

RPL stated that the 27-million-tonne plant would be finished before December 2008 deadline.

In a communiqué to the stock markets, RPL stated that work on its projects went speedily in the previous quarter.

Its engineering efforts reached a close-out phase with more than 97 percent cumulative progress. The company’s overall procurement progress was more than 92 per cent during the quarter.

Additionally, Reliance Petroleum has fulfilled the majority of the civil works, and its construction resources are at their peak.

According to the company, “This engineering progress — achieved within a span of 22 months — reflects the success of the team effort of over 7,500 engineers, who worked from several interconnected locations across the world.”

Chairman Mukesh Ambani said, “The team is geared up to commission the refinery ahead of its initial schedule of December 2008. The company is poised to create a new world record for project implementation in the refining sector”.

RPL told that worldwide refining basics had strengthened more and would prove excellent value creation for big and multifaceted refiners.

There is a firm demand for transportation fuels globally, regardless of high crude oil costs. There is a lack of worldwide refining capacity as many future refineries are either postponed or invalidated owing to schedule or capital cost worries.