Addressing the eighth annual general meeting of RPL, Ambani said RPL's current investment grade credit ratings and overall credit quality are expected to improve significantly as the project starts generating revenues and cash flows and added that it could even benefit debt investors.

He said the compounded annualised return to the investors, who participated in RPL's initial public issue, and the subsequent option offer is 35 per cent. Ambani said the RPL has achieved a current market capitalisation of about Rs 15,000 crore even before the project's commissioning. ``Wealth creation and distribution of such magnitude by a capital intensive grassroots project is unique in the Indian context,'' he said.

Reliance Petroleum as well as itspromoter Reliance Industries will be amongst the top five companies in India on all major financial parameters, the RPL chairman added.

``Our goal will be to make RPL refinery the most efficient refinery in the world and a globally competitive refinery like this will have the flexibility to demonstrate operating efficiencies, attaining superior cost positions and earning higher margins,'' Ambani said.

He said the government of India through a gazette notification on November 21, 1997 has proposed a phased reform process in the petroleum industry and added that what was required was speedy implementation of the commitments already announced by the government.

Allaying fears about danger to environment by the refinery in Jamnagar, Ambani said the company was committed to protect the environment and added that the RPL has treated environmental costs as an integral part of its overall project cost. RPL has set up a state-of-the-art effluent treatment plant to ensure the safety of the environment.

Ambanisaid that the RPL was committed to transforming the arid land in and around Jamnagar complex into a lush green environment. Tree plantation, green belt and agro-forestry plantations will cover about 1,900 acres of the total area. Over two million trees are being planted in and around the complex as a part of this innovative initiative.