As we had pointed out in our earlier report, Latin Touch, November 2017, structurally poor utilization in Latin America and Africa would keep benchmark gross refining margins (GRMs) strong in the next 2-3 years. RIL should clock GRMs of USD11-12/bblin FY19-20. Petchem margins have also been strong. Though PE prices have been ~USD828/mt inFY18YTD, 5% below the five-year average, PP and PVC prices are 6-25% higher. We expect RIL's petchem EBITDA to increase by 67% during FY17-20. We expect strong free cash flow generation of INR678b during FY18-20 on consolidated basis.