Indian oil refiner Reliance Industries has revealed plans to spend $5.8 billion on expanding it Jamnagar facility, making it the biggest oil refinery on the planet.

Reliance, the largest private-sector refining company in India, intends to invest the nearly $6 million to double the capacity of the Jamnagar plant. According to the company’s chairman, Mukesh Ambani, the expanded facility will become operational by March 2009 at the latest, at which time, its crude throughput will have increased to 1.2 million barrels per day (bpd).

The project is part of the company’s two-fold strategy of strengthening its petroleum retailing business and enlarging its refining capacity, Ambani told shareholders.