15-09-2018

India refiners cutting Iran oil import volumes over Sept, October

Indian refiners are preparing to cut daily Iranian crude oil imports nearly in half in September and October compared with the daily imports for April-August, according to data gathered by Reuters from industry and trade sources.

Even with the reductions for this month and next, India refiners will still import about 73 percent of their annual fixed term 2018/19 volumes before the United States reimposes sanctions on Tehran’s oil sector in early November.

The table below shows the 2018/19 term contracts and estimated lifting by Indian refiners in April-Aug 2018.

The likely volumes for September and October are converted from barrel to tonnes using a conversion factor of 7.3. Volumes are in million tonnes.

              2018/19     2018    % Chg    2018  2018  TOTAL   % Chg
 Company   Fixed  Option  Apr-A  Apr-Aug   Sep   Oct*  Apr-O  Apr-Oct
                          ug     vs fixed              ct     vs fixed
                                                                      
 MRPL        5.5     1.0   2.79      50.6  0.41  0.41   3.61      65.6
                                                                      
 IOC         6.0     1.0   3.01      50.2  0.82  0.82   4.66      77.6
                                                                      
 CPCL        1.0     1.0   0.43      43.1    --  0.14   0.57      57.4
                                                                      
 NAYARA      6.0      --   3.19      53.2  0.14  0.14   3.48      58.0
                                                                      
 BPCL        2.3     2.0   3.06       136  0.14    --    3.2     142.3
                                                                      
 HPCL@       1.0     1.0   0.32      32.1    --    --   0.32      32.1
                                                                      
 TOTAL      21.8     6.0  12.80      58.9  1.52  1.52  15.84      72.8
                                                                      
 RIL^         --      --   0.84        --    --    --   0.84        --
                                                                      
 HMEL^        --      --   0.15        --    --    --   0.15        --
                                                                      
 TOTAL      21.8          13.79      63.4  1.52  1.52  16.82      77.3
 ALL

Refiners:
IOC – Indian Oil Corp
MRPL – Mangalore Refinery and Petrochemicals Ltd
BPCL – Bharat Petroleum Corp Ltd
CPCL – Chennai Petroleum Corp Ltd
HPCL – Hindustan Petroleum Corp Ltd
RIL – Reliance Industries Ltd
HMEL – HPCL-Mittal Energy Ltd

Source: Reuters

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