Equity Alert: Reliance Petro seen up on likely early refinery start

[K.Karthik Raja]

Equity Alert: Reliance Petro seen up on likely early refinery start

MUMBAI--9:50AM--Reliance Petroleum shares are seen up as analysts'
reports said the company's deal with the Venezuelan government for
crude
import suggests an earlier-than-scheduled start of its Jamnagar
refinery,
dealers said.
In December, the company had said work on its refinery is ahead of
schedule, with 82% of the project completed.
The DNA newspaper quoted HSBC Securities analyst Vishwas Katela as
saying
that the Venezuelan deal indicates trial runs for the refinery, of
producing
580,000 barrels per day, could start by July.
Reliance Petroleum's official target for starting trial
productions is
December.
Wednesday, the company's shares ended at 170.30 rupees, up 1% from
previous close.