NAPHTHA
India's June fuel demand edges up 2.6%
Total consumption totalled 19.99 million metric tons in June, up from 19.48 million tons last year, data showed. Demand was down 3.5% on a monthly basis from the 20.72 million metric tons consumed in May. Sales of diesel, mainly used by trucks and commercially run passenger vehicles, fell 5% month-on-month to 7.98 million tons in June.
Haldia Petrochemicals Limited announces 10-year naphtha supply agreement with QatarEnergy
Haldia Petrochemicals Limited (HPL) has secured a long-term naphtha supply agreement with QatarEnergy. QatarEnergy. The agreement was signed through its subsidiary. The deal will provide up to 2 million tons of naphtha to HPL over the next decade starting from Q2 2024. The deal reflects a commitment to India's economic growth, with both parties emphasizing the strong relationship between Qatar and India. This significant agreement strengthens the partnership between HPL and QatarEnergy.
India to lead world in fuel demand growth: IEA
India, the third-largest oil importer globally, is set to drive oil demand growth according to the IEA. Forecasts predict a significant rise in consumption by 1.3 million barrels between 2023 and 2030, with India's demand exceeding China's. The nation's expanding economy and growing population are key factors in this surge. With a focus on road transport fuels and limited petrochemical growth, India's refining capacity is also expected to increase to meet rising demands, making the country heavily reliant on oil imports.
BPCL plans to set up new refinery for Rs 50k cr
The state-owned oil marketing company will invest around Rs 50,000 crore in the project for which it is currently evaluating locations in three states - Andhra Pradesh, Uttar Pradesh, and Gujarat, two industry officials aware of the development told ET.
India's May fuel use inches up on month on strong industrial activity
India's fuel consumption in May increased due to strong industrial activity and elections, as per data from the PPAC. The country's oil demand and consumption trends are reflected in the data provided by the PPAC.
Gail may line up Rs 50,000 crore capex in big petrochemical bet
Gail (India) intends to invest up to ₹50,000 crore in constructing a 1.5 million tonnes per annum ethane cracking unit at Sehore, Madhya Pradesh, according to sources familiar with the matter. This significant investment marks one of the largest proposed capital expenditures by the state-run gas utility.
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India's fuel demand hits new FY record, up about 5%
India's fuel consumption decreased by 0.6% year-on-year in March, totaling 21.09 million metric tons. However, demand for the 2024 financial year increased by about 5%, reaching a record high of 233.276 million tons. Sales of diesel, gasoline, bitumen, cooking gas, and naphtha saw increases, while fuel oil usage declined in both March and the fiscal year.
Haldia Petrochemicals seeks local Indian naphtha supplies amid Red Sea disruption: CEO
The company, which owns a naphtha cracker producing 700,000 metric tons per year in the eastern state of West Bengal, sources 50% of its feedstock from the Middle East and relies on local refiners like Indian Oil, HPCL and BPCL for the rest of its feedstock needs.
India's fuel demand rises 5.7% YoY in February on strong factory output
India's fuel consumption increased by 5.7% YoY in February, reaching 19.72 million metric tons, according to government data. This growth was attributed to strong factory activity in the country. Diesel demand, primarily used by trucks and commercially run passenger vehicles, rose by 6.2% YoY to 7.44 million tons in February.
India's fuel demand rises 8.2% y/y in January
India's fuel consumption rose 8.2% YoY in January to 20.04 million tonnes, driven by strong industrial activity. Diesel sales increased by 3.5% to 7.43 million tons, and gasoline sales grew by 9.6% to 3.10 million tons. Factory activity improved substantially, and carmakers reported record sales.
India expects fuel demand to grow 2.7% in the next fiscal year
India's fuel consumption is expected to rise 2.7% in the next fiscal year beginning on April 1, according to data from the Petroleum Planning and Analysis Cell. Consumption of gasoline is expected to rise by 5.4% to 39.2 million tonnes, while diesel consumption is expected to increase by 2.7% to 92.4 million tonnes.
Demand for diesel drops, petrol remains stable: Oil Ministry
The consumption of diesel, which accounts for 38% of total refined products demand in the country, had contracted 3% year-on-year in November after an unusual 6% growth in the April-October period. Diesel is mainly used in long-haul transport, backup generators, mining, and farming.
India's fuel demand hits seven-month high in December
India's fuel consumption reached a seven-month high in December, reaching 20.054 million metric tons. Total consumption increased by 6.2% from 18.89 million tons in November, up 2.6% compared to the same period a year earlier. Diesel sales increased by 0.9%, while gasoline sales fell 4.5%. Sales of bitumen, fuel oil, cooking gas, and naphtha also increased.
India's fuel demand slips in November from four-month peak
Total consumption in November, a proxy for oil demand, fell by 2.8% to 18.72 million tonnes from 19.26 million tonnes in October, the data from the Indian oil ministry's Petroleum Planning and Analysis Cell (PPAC) showed. It was down about 2% compared with the same period a year earlier. "Consumption increased in October due to agricultural demand and as people traveled during the festive season. November is seeing a dip as people reverted to normal activity," said Prashant Vasisht, vice president and co-head, corporate ratings at ICRA.
IOC raises Panipat refinery expansion cost by 10%, pushes completion deadline by a year
Indian Oil Corporation (IOC) has revised the cost of expanding its Panipat refinery in Haryana by 10% to Rs 36,225 crore and pushed back the completion deadline by over a year to December 2025. The refinery will expand its capacity to turn crude oil into value-added fuels, including petrol, diesel, and ATF. IOC is also setting up a polypropylene unit and a catalytic dewaxing unit.
Two fuels that power the global economy flash red in Europe
The continent’s demand is still critically important even in a world where traders are intently focused on the potential for supply disruptions emanating from war in the Middle East. The expected consumption drop in the two fuel types this year is well over half a million barrels-a-day versus pre-pandemic levels — not far off a Belgium’s worth of overall oil usage.
Sri Lankan government renews Lanka IOC's petroleum licence for 20 years
According to officials, the Sri Lankan government has extended for an additional 20 years the petroleum products licence that Lanka IOC, the Indian Oil Corporation subsidiary operating locally, was granted. The first 2003 permit was set to expire in January 2024. The government has extended the petroleum products licence given to Lanka IOC, the Indian Oil Corporation local subsidiary, for an additional 20 years, the officials said.
Russia surpasses UAE as India's top naphtha supplier amid discounts
Russia has surpassed the United Arab Emirates as India's top supplier of naphtha, a key petrochemical feedstock, due to discounted Russian oil products and shifts in trade flows following Russia's invasion of Ukraine. India has traditionally relied on the UAE for naphtha imports, but this year, it has turned to Russia due to lower costs and the high price of natural gas, an alternative feedstock.
ONGC to infuse Rs 15,000 cr in OPaL, edge out GAIL to take control of petchem firm
Oil and Natural Gas Corporation (ONGC) will invest approximately Rs 15,000 crore in ONGC Petro-additions Ltd (OPaL) as part of a financial restructuring plan, resulting in GAIL being edged out of the petrochemical firm. ONGC currently holds a 49.36% stake in OPaL, with GAIL (India) Ltd holding 49.21% and Gujarat State Petrochemical Corp holding the remaining 1.43%.
Will increase share of natural gas 2.5 times by 2030, says IOC executive
Indian Oil has set a net zero operational emissions target by 2046 and increasing the use of less-emitting gas is a key element of that plan. "Our natural gas consumption strategy is part of the national goal to increase the share of gas in primary energy consumption to 15% by 2030 from the current 6%," Sukla Mistry, Director (Refineries), told ET.
MRPL becomes largest single location refinery in India
The refinery configuration has a Nelson Complexity Index of 11.3, one of the highly complex PSU refineries. The MRPL petrochemical intensity is currently at 9.5 per cent, aiming to reach 15 per cent in the medium term. The Nelson Complexity Index (NCI) refers to the types of petroleum products can be produced by a refinery. Measured on a scale from 1 to 20, the higher the value on the NCI, the more sophisticated and complex products the refinery can produce.
Record sales of transport fuels in India point to strong demand
The strong sales came after the Indian economy beat expectations to expand by 6.1% in the quarter through March, although growth is expected to slow through the rest of this year. The uptick in buying will also be a fillip for India’s state-run fuel retailers, who have kept diesel and gasoline prices unchanged since April last year.
Russia's share in oil imports at record 42%
Russian oil accounted for 42% of India's total crude imports in May, up 15% month-on-month, defying analysts' expectations of a slowdown due to the Chinese competition. India imported a record 1.96 million barrels per day (mbd) from Russia in May, according to the energy cargo tracker Vortexa. This was more than the combined imports of 1.74 mbd from the next four largest suppliers - Iraq, Saudi Arabia, the UAE and the US.
Adani's Dhamra LNG terminal in Odisha receives 1st cargo, to start gas revolution in East
Adani Group and TotalEnergies' LNG import terminal at Dhamra on the Odisha coast has received its first-ever shipment of LNG worth Rs 6,000 crore. Commissioning and testing operations will take up to 45 days, and commercial operations are expected to start after this period. The start of the 5 million-tonne per annum LNG import terminal is important to PM Modi's plan to boost natural gas use in the country's energy mix to 15 % by 2030 from 6.3 %.
GAIL signs MoU with Shell to explore ethane sourcing
India's largest gas utility GAIL on Friday said it has signed an agreement with Shell Energy India Pvt Ltd to explore ethane sourcing and other opportunities along the energy value chain. GAIL is planning to import ethane from the US to replace natural gas and naphtha as feedstock at petrochemical plants.
Reliance Industries makes rare buy of Russian naphtha, ups fuel oil imports
India imported about 410,000 tonnes of naphtha, used for making petrochemicals, in Sept-Oct, the Refinitiv data showed. Of this figure, Reliance received about 150,000 tonnes from the Russian ports of Ust-Luga, Tuapse and Novorossiysk during the two months, the data showed.
Indian Oil plans Panipat refinery maintenance, to revamp naphtha cracker, say sources
The cracker annually consumes about 2.3 million tonnes of naphtha and produces 857,000 tonnes of ethylene. The revamp is aimed at raising the annual ethylene production capacity of the cracker by 13% to 970,000 tonnes, while reducing output of polypropylene, they said.
BCPL seeks to invest Rs 450 crore for Naphtha storage at Haldia
Kumar said an award of concession valued at Rs 250 crore was given to Hooghly Oil and Gas Terminal Private Limited on Thursday for setting up a liquid cargo handling jetty along with associated facilities at Shalukkhali, Haldia Dock-II on design, build, finance, operate and transfer (DBFOT) basis for a concession period of 30 years.
India's fuel demand rebounds in June after slumping to a nine-month low
Petrol sales rose 5.6 per cent year-on-year to 2.4 million tonnes in June. It was up 21 per cent from May sales of 1.99 million tonnes. Diesel - the most used fuel in the country - rose 12 per cent from May to 6.2 million tonnes, but was down 1.5 per cent from June 2020 and 18.8 per cent from June 2019.
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