The Jamnagar 'Super Site' will have two refineries, six million tonne per annum Integrated Combined Cycle Coke Gasification Complex (IGCC), a olefins complex and an aromatics complex.

At the company's 33rd Annual General Meeting in Mumbai, Ambani said RIL would expand paraxylene capacity at Jamnagar from 1.9 million tonnes per annum (MTPA) now to 4.5 MTPA in two phases.

"With this expansion, Reliance will have 15 per cent of global paraxylene capacity," Ambani said, adding that the expansion would enable the company to build a leadership position in the global polyester business.

Concurrently, the company will leverage India-based strength to pursue inorganic growth opportunities in Asia for textiles and in Europe and North America for PET, he said.

Ambani also said RIL would build the world's largest petrochemical complex at Jamnagar with an annual capacity of two million tonnes of olefins, with matching downstream capacities.

"It will also be one of the most competitive ethylene crackers in the world and with this complex, the ethylene capacity of Reliance will further double to 3.2 billion tonnes per year," Ambani said.

Ambani said Reliance would be extending its petrochemical participation to countries with feedstock advantage and high-growth markets such as Egypt and Russia.

"Reliance is also expanding the derivatives footprint beyond traditional commodity petrochemicals to specialities such as ethylene oxide derivatives and acrylics," he said.

On RIL's exploration and production business, Ambani said the company was committed to invest about $4 billion of risk capital in the coming years, in addition to the over $2 billion already invested, to realise the hydrocarbon potential in the country.

Ambani said: "Oil and gas exploration and production is on the threshold of unprecedented value creation for Reliance and it is set to fundamentally transform the company's earnings growth profile."

The company, ranked among the top 20 private upstream companies globally, has built a portfolio of 4,25,000 sq km of acreage globally, including 3,40,000 sq km in India and 85,00 sq km overseas, he said. During the year, Reliance won seven new deepwater blocks, besides having 10 new discoveries.

"So far, we have had 36 hydrocarbon discoveries, which have all been named after Dhirubhai. I am looking forward to the day when Reliance will have a Dhirubhai 100 discovery," he said.

Reliance's discoveries have mostly been gas finds "but the crude oil discoveries in Cauvery and Krishna Godavari basins mark a new chapter in the oil and gas exploration and production programme of Reliance," he added.  The first gas discoveries in Krishna Godavari are expected to be in production in H2 FY09.

Ambani said the company is envisaging a 80 million cubic metres per day production of gas from Dhirubhai 1 and 3 gas fields within the first year of operations.

The gas production rate will be equivalent to about half a million barrels of crude oil per day, representing 30 per cent of India's current oil import, he said.

"At current prices of gas and crude oil, this means a savings of Rs 36,000 crore (Rs 360 billion) annually, with multiplier effect on the Indian economy," he said.

On Reliance Gas Transportation Infrastructure Ltd, the RIL chairman said the company was building a 1,400 km, 48 inch diameter East-West pipeline from Kakinada to Gujarat to transport gas.

The pipeline is expected to be commissioned well before the first gas target for KG D6 and would be connected to major trunk networks in the country to access all major consumption centres, he said.

Reliance was also working on an early production system for expeditious monetisation of crude oil discovery and the first oil was targeted for commencement in H2 FY09 with an estimated peak production of 40,000 barrels per day, he said.

On Reliance's global oil and gas portfolio, Ambani said in just three years, Reliance and its 100 per cent owned subsidiary in Dubai have already been awarded 8 blocks with an acreage of 85,000 sq km.

These included two blocks each in Yemen, Oman and Colombia and one each in East Timor and Australia. In addition, Reliance has a 25 per cent interest in a production block in Yemen, Ambani said.

"Currently, the global in-place (2P) gross reserve base of Reliance is estimated at about 4.4 billion barrels of oil equivalent and we have set for ourselves a target of 10 billion barrels of oil equivalent of 2P gross reserves globally, the RIL chairman said.