MRPL
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Updates beginning in paragraph 3
SINGAPORE, Sept 9 (Reuters) - India's refinery capacity utilisation has been at 105% to 108% over the last six months, a senior official from refiner Mangalore Refinery and Petrochemicals MRPL.NS said on Wednesday, adding that higher diesel demand is pushing refiners to prioritise diesel over jet fuel.
"Most of our refiners are complex, can take a wide variety of crude from API range from something like 16 to 45 or 48," said Nandakumar Pillai, a company director, at the APPEC conference.
Separately, the company plans to operate at greater than 100% until March next year, Pillai told Reuters on the sidelines of the conference.
MRPL operates a 300,000-barrel-per-day coastal refinery in India's southern Karnataka state.
At present, a third of the company's crude supply comes from the Middle East, a third comes from domestic supplies and a third comes from the rest of the world, Pillai said, adding that MRPL has been diversifying its crude procurement since the start of the Russia-Ukraine war. O/TEND
On refined products, Pillai said higher diesel demand in India is pushing refiners to prioritise diesel over jet fuel.
"Depends on the hardware, we can go anywhere between 8% to 12% of the swing" between diesel and jet fuel, Pillai said.
(Reporting by Trixie Yap; Writing by Sudarshan Varadhan; Editing by Thomas Derpinghaus)
(([email protected]; +65 91164984;))
Updates beginning in paragraph 3
SINGAPORE, Sept 9 (Reuters) - India's refinery capacity utilisation has been at 105% to 108% over the last six months, a senior official from refiner Mangalore Refinery and Petrochemicals MRPL.NS said on Wednesday, adding that higher diesel demand is pushing refiners to prioritise diesel over jet fuel.
"Most of our refiners are complex, can take a wide variety of crude from API range from something like 16 to 45 or 48," said Nandakumar Pillai, a company director, at the APPEC conference.
Separately, the company plans to operate at greater than 100% until March next year, Pillai told Reuters on the sidelines of the conference.
MRPL operates a 300,000-barrel-per-day coastal refinery in India's southern Karnataka state.
At present, a third of the company's crude supply comes from the Middle East, a third comes from domestic supplies and a third comes from the rest of the world, Pillai said, adding that MRPL has been diversifying its crude procurement since the start of the Russia-Ukraine war. O/TEND
On refined products, Pillai said higher diesel demand in India is pushing refiners to prioritise diesel over jet fuel.
"Depends on the hardware, we can go anywhere between 8% to 12% of the swing" between diesel and jet fuel, Pillai said.
(Reporting by Trixie Yap; Writing by Sudarshan Varadhan; Editing by Thomas Derpinghaus)
(([email protected]; +65 91164984;))
LONDON, Aug 20 (Reuters) - West African crude oil differentials were stable on Thursday as traders digested October Angolan loading programmes.
Angolan crude exports are scheduled at 932,000 barrels per day in October across 30 cargoes, a preliminary loading programme seen by Reuters showed, down from 1.04 million bpd across 34 cargoes scheduled for September.
Around eight Angolan cargoes remain unsold for September after Asian refiners picked up cargoes recently, a trader said on Thursday.
Meanwhile, around 25 Nigerian September cargoes were heard to be available last week, a source said, with ample still available this week.
Asian demand for West African crudes has been supported by Middle East disruptions, however high freight rates could provide a ceiling to flows.
Nigeria allocated seven crude cargoes in September for the Dangote oil refinery, according to data seen by Reuters.
(Reporting by Robert Harvey; Editing by Diti Pujara)
LONDON, Aug 20 (Reuters) - West African crude oil differentials were stable on Thursday as traders digested October Angolan loading programmes.
Angolan crude exports are scheduled at 932,000 barrels per day in October across 30 cargoes, a preliminary loading programme seen by Reuters showed, down from 1.04 million bpd across 34 cargoes scheduled for September.
Around eight Angolan cargoes remain unsold for September after Asian refiners picked up cargoes recently, a trader said on Thursday.
Meanwhile, around 25 Nigerian September cargoes were heard to be available last week, a source said, with ample still available this week.
Asian demand for West African crudes has been supported by Middle East disruptions, however high freight rates could provide a ceiling to flows.
Nigeria allocated seven crude cargoes in September for the Dangote oil refinery, according to data seen by Reuters.
(Reporting by Robert Harvey; Editing by Diti Pujara)
LONDON, Aug 19 (Reuters) - The West African crude oil market was quiet on Wednesday as traders awaited loading programs and watched a volatile oil market.
Brent crude futures rose over 1% while U.S. WTI prices jumped over 2% after the United Arab Emirates decided to suspend all financial and economic transactions with Iran. O/R
Increased availability of Middle East and Latin American grades was still partially weighing on the West African market as all grades compete among Asian refiners, but demand had improved for the grades, traders have told Reuters.
Meanwhile, Nigeria's Dangote Refinery's crude imports were coming in at around 640,000 month-to-date in August, recovering from the slightly lower June-July period, analysts at Kpler said in a note.
(Reporting by Seher Dareen;Editing by Elaine Hardcastle)
LONDON, Aug 19 (Reuters) - The West African crude oil market was quiet on Wednesday as traders awaited loading programs and watched a volatile oil market.
Brent crude futures rose over 1% while U.S. WTI prices jumped over 2% after the United Arab Emirates decided to suspend all financial and economic transactions with Iran. O/R
Increased availability of Middle East and Latin American grades was still partially weighing on the West African market as all grades compete among Asian refiners, but demand had improved for the grades, traders have told Reuters.
Meanwhile, Nigeria's Dangote Refinery's crude imports were coming in at around 640,000 month-to-date in August, recovering from the slightly lower June-July period, analysts at Kpler said in a note.
(Reporting by Seher Dareen;Editing by Elaine Hardcastle)
LONDON, Aug 18 (Reuters) - West African crude oil differentials were steady on Tuesday.
Increased availability of Middle East and Latin American grades was weighing on the West African market as all grades compete among Asian refiners.
Argentine crude exports reached a record high of 285,000 barrels per day in July, Kpler analysts said in a note. This weighed on the West Africa market, two traders said.
In the previous session, Nigerian Bonny was offered at dated Brent plus $4.10 for September loading via the Argus Open Markets platform, a trade source said, edging down from the plus $6 reported last week.
Nigeria's Dangote Refinery has secured a $1 billion underwriting programme for its planned stock market listing.
(Reporting by Seher Dareen
Editing by David Goodman
)
LONDON, Aug 18 (Reuters) - West African crude oil differentials were steady on Tuesday.
Increased availability of Middle East and Latin American grades was weighing on the West African market as all grades compete among Asian refiners.
Argentine crude exports reached a record high of 285,000 barrels per day in July, Kpler analysts said in a note. This weighed on the West Africa market, two traders said.
In the previous session, Nigerian Bonny was offered at dated Brent plus $4.10 for September loading via the Argus Open Markets platform, a trade source said, edging down from the plus $6 reported last week.
Nigeria's Dangote Refinery has secured a $1 billion underwriting programme for its planned stock market listing.
(Reporting by Seher Dareen
Editing by David Goodman
)
LONDON, Aug 14 (Reuters) - West African crude oil differentials were broadly steady in the spot market on Friday.
The market for West African grades has been mostly quiet this week, sources told Reuters.
Brent and WTI were on track for weekly gains of about 3.4% and 4%, respectively, while the U.S. threatened an indefinite naval blockade of Iran, raising concerns about disruptions to crude supplies from the Middle East.
Market participants have been buying West African crude as alternatives to Middle East grades due to the blockade at the Strait of Hormuz.
In the wider market, Nigeria's Dangote Petroleum Refinery's planned October IPO is designed to let Nigerians share in the company's growth, its CEO told Reuters, adding that a foreign listing is at least three years away.
(Reporting by Seher Dareen; Editing by Diti Pujara)
LONDON, Aug 14 (Reuters) - West African crude oil differentials were broadly steady in the spot market on Friday.
The market for West African grades has been mostly quiet this week, sources told Reuters.
Brent and WTI were on track for weekly gains of about 3.4% and 4%, respectively, while the U.S. threatened an indefinite naval blockade of Iran, raising concerns about disruptions to crude supplies from the Middle East.
Market participants have been buying West African crude as alternatives to Middle East grades due to the blockade at the Strait of Hormuz.
In the wider market, Nigeria's Dangote Petroleum Refinery's planned October IPO is designed to let Nigerians share in the company's growth, its CEO told Reuters, adding that a foreign listing is at least three years away.
(Reporting by Seher Dareen; Editing by Diti Pujara)
Mangalore Refinery and Petrochemicals appointed Lakhan Chandra Mardi, Sharwan Singh Karawasra and Vipin Malviya as independent directors. The Ministry of Petroleum and Natural Gas said the competent authority had approved their appointments for three years from 12 August 2026, or until further orders, whichever came earlier. The appointments followed the end of the previous independent directors’ tenure in March 2026, after which the board had lacked independent directors. MRPL reported revenue of ₹41,609 crore and standalone net profit of ₹946 crore for the June quarter.
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Mangalore Refinery and Petrochemicals appointed Lakhan Chandra Mardi, Sharwan Singh Karawasra and Vipin Malviya as independent directors. The Ministry of Petroleum and Natural Gas said the competent authority had approved their appointments for three years from 12 August 2026, or until further orders, whichever came earlier. The appointments followed the end of the previous independent directors’ tenure in March 2026, after which the board had lacked independent directors. MRPL reported revenue of ₹41,609 crore and standalone net profit of ₹946 crore for the June quarter.
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LONDON, Aug 12 (Reuters) - The West African crude oil market was quiet on Wednesday, a trader said, as participants monitored a tender issued by Mangalore Refinery and Petrochemicals Ltd (MRPL).
India's state-run refiner MRPL issued a tender, a trade source said, while Hindustan Petroleum Corp bought Persian Gulf cargoes.
The market was otherwise quiet, he added.
In the wider West African market, Nigeria is considering changes to crude allocation and pricing rules to improve feedstock access for its refiners, including Dangote Refinery, the local oil refiners' association said.
Nigeria approved tax waivers for nearly 4,000 electric vehicles in the first half of this year, government data showed. While official data is not available, EVs now likely account for less than 1% of the total vehicle fleet, dealers say, equivalent to only a few tens of thousands of vehicles.
Nigerian President Bola Tinubu approved a new regulatory and fiscal framework for offshore oil and gas projects, to attract up to $50 billion in investment.
Additionally, Russia has begun shipping crude oil via its Arctic sea route this year at a faster pace than a year ago, with seven cargoes carrying some six million barrels of crude already heading to Asia, according to three trade sources and LSEG shipping data.
Russian crude is bought by India and China, keys markets for West African crudes.
(Reporting by Seher Dareen; Editing by Diti Pujara)
LONDON, Aug 12 (Reuters) - The West African crude oil market was quiet on Wednesday, a trader said, as participants monitored a tender issued by Mangalore Refinery and Petrochemicals Ltd (MRPL).
India's state-run refiner MRPL issued a tender, a trade source said, while Hindustan Petroleum Corp bought Persian Gulf cargoes.
The market was otherwise quiet, he added.
In the wider West African market, Nigeria is considering changes to crude allocation and pricing rules to improve feedstock access for its refiners, including Dangote Refinery, the local oil refiners' association said.
Nigeria approved tax waivers for nearly 4,000 electric vehicles in the first half of this year, government data showed. While official data is not available, EVs now likely account for less than 1% of the total vehicle fleet, dealers say, equivalent to only a few tens of thousands of vehicles.
Nigerian President Bola Tinubu approved a new regulatory and fiscal framework for offshore oil and gas projects, to attract up to $50 billion in investment.
Additionally, Russia has begun shipping crude oil via its Arctic sea route this year at a faster pace than a year ago, with seven cargoes carrying some six million barrels of crude already heading to Asia, according to three trade sources and LSEG shipping data.
Russian crude is bought by India and China, keys markets for West African crudes.
(Reporting by Seher Dareen; Editing by Diti Pujara)
India's current SPR capacity is 5.33 million T
India plans to add 6.5 mln T SPR capacity
New 4 mln T Odisha SPR estimated to cost 90 billion rupees
By Nidhi Verma
NEW DELHI, Aug 3 (Reuters) - India's Oil and Natural Gas Corp ONGC.NS will reserve half of its planned 1.75 million metric ton (about 13 million barrels)oil storage facility to meet the country's strategic needs, junior oil minister Suresh Gopi told lawmakers on Monday.
ONGC, India's top oil explorer, last month announced plans to build the strategic petroleum reserve at Mangaluru in Karnataka state, where its Mangalore Refinery and Petrochemicals MRPL.NS subsidiary operates a refinery with capacity of 300,000 barrels per day.
New Delhi is expanding its Strategic Petroleum Reserve capacity with private participation.
Indian rules allow commercial use of a part of the existing SPR storage built at three locations - Mangaluru, Padur and Vizag - in southern India with 5.33 million tons of capacity. These storage facilities are managed by the government-owned Indian Strategic Petroleum Reserves Ltd (ISPRL).
MRPL has already leased half of the 1.5 million ton Mangaluru SPR.
Gopi also said India has the capacity to store crude oil and petroleum products to meet 74 days of its net crude import needs, including inventories in refinery tanks, offshore facilities and its 35,000 km (22,000 miles) pipeline network.
India plans to build about 4 million tons of strategic storage at Chandikhol in the eastern state of Odisha and a new 2.5 million ton facility at Padur in southern India in collaboration with private companies.
Gopi said ISPRL has acquired the land for the Chandikhol project, which is estimated to cost 90 billion Indian rupees ($944.44 million).
($1 = 95.2950 Indian rupees)
(Reporting by Nidhi Verma; Editing by Susan Fenton)
(([email protected]; X: @nidhi712;))
India's current SPR capacity is 5.33 million T
India plans to add 6.5 mln T SPR capacity
New 4 mln T Odisha SPR estimated to cost 90 billion rupees
By Nidhi Verma
NEW DELHI, Aug 3 (Reuters) - India's Oil and Natural Gas Corp ONGC.NS will reserve half of its planned 1.75 million metric ton (about 13 million barrels)oil storage facility to meet the country's strategic needs, junior oil minister Suresh Gopi told lawmakers on Monday.
ONGC, India's top oil explorer, last month announced plans to build the strategic petroleum reserve at Mangaluru in Karnataka state, where its Mangalore Refinery and Petrochemicals MRPL.NS subsidiary operates a refinery with capacity of 300,000 barrels per day.
New Delhi is expanding its Strategic Petroleum Reserve capacity with private participation.
Indian rules allow commercial use of a part of the existing SPR storage built at three locations - Mangaluru, Padur and Vizag - in southern India with 5.33 million tons of capacity. These storage facilities are managed by the government-owned Indian Strategic Petroleum Reserves Ltd (ISPRL).
MRPL has already leased half of the 1.5 million ton Mangaluru SPR.
Gopi also said India has the capacity to store crude oil and petroleum products to meet 74 days of its net crude import needs, including inventories in refinery tanks, offshore facilities and its 35,000 km (22,000 miles) pipeline network.
India plans to build about 4 million tons of strategic storage at Chandikhol in the eastern state of Odisha and a new 2.5 million ton facility at Padur in southern India in collaboration with private companies.
Gopi said ISPRL has acquired the land for the Chandikhol project, which is estimated to cost 90 billion Indian rupees ($944.44 million).
($1 = 95.2950 Indian rupees)
(Reporting by Nidhi Verma; Editing by Susan Fenton)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 30 (Reuters) - Two tankers carrying Saudi crude for Indian refiners have exited the Red Sea through the Bab el-Mandeb Strait by sailing "dark" after Yemen's Iran-aligned Houthis announced a blockade on Saudi shipments, two sources with direct knowledge of the matter said.
The Suezmax tanker Amazon, chartered by Indian Oil Corp IOC.NS, loaded 1 million barrels of oil and Aframax Rodos lifted 700,000 barrels of crude for Mangalore Refinery and Petrochemicals Ltd MRPL.NS at Saudi Arabia's Yanbu port around July 20 and briefly turned north towards the Suez Canal.
However, the Amazon and Rodos then switched off their Automatic Identification System transponders around July 22, preventing public tracking of their moves, and headed south to exit the Red Sea through the Bab el-Mandeb Strait, the sources said.
The tankers are the first evidence of vessels carrying Saudi crude for India going dark by turning off their transponders, which the sources said is normal practice in war zone areas, since the blockade began.
"The owner had shut the transponders on the vessels for safety purposes, and the vessels are now heading to India," one of the sources told Reuters.
The Rodos is expected to arrive at India's Mangalore port on August 1, while the Amazon is scheduled to reach Chennai in early August, both sources said.
Both vessels are managed by Greece-based Dynacom Tankers. Dynacom had no immediate comment when contacted by Reuters.
India's foreign ministry, Indian Oil and MRPL did not respond to emails seeking comment.
The vessels switched off their transponders after two other Dynacom ships, Malta-flagged Panamax-sized tanker Kavomaleas and Liberian-flagged VLCC Acheloos, were hit by projectiles.
Indian refiners have switched to cargoes from the Middle East on a delivered basis since the Houthi attacks on several Saudi tankers. MRPL said in its latest tender it will only buy oil shipped on routes avoiding the Red Sea and Strait of Hormuz.
It was not immediately clear if the Indian government talked to the Houthis or Iranian authorities to gain safe passage for the vessels after refiners in India approached it for help.
(Reporting by Nidhi Verma; Additional reporting by Aftab Ahmed and Lefteris Papadimas; Editing by Florence Tan and Alexander Smith)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 30 (Reuters) - Two tankers carrying Saudi crude for Indian refiners have exited the Red Sea through the Bab el-Mandeb Strait by sailing "dark" after Yemen's Iran-aligned Houthis announced a blockade on Saudi shipments, two sources with direct knowledge of the matter said.
The Suezmax tanker Amazon, chartered by Indian Oil Corp IOC.NS, loaded 1 million barrels of oil and Aframax Rodos lifted 700,000 barrels of crude for Mangalore Refinery and Petrochemicals Ltd MRPL.NS at Saudi Arabia's Yanbu port around July 20 and briefly turned north towards the Suez Canal.
However, the Amazon and Rodos then switched off their Automatic Identification System transponders around July 22, preventing public tracking of their moves, and headed south to exit the Red Sea through the Bab el-Mandeb Strait, the sources said.
The tankers are the first evidence of vessels carrying Saudi crude for India going dark by turning off their transponders, which the sources said is normal practice in war zone areas, since the blockade began.
"The owner had shut the transponders on the vessels for safety purposes, and the vessels are now heading to India," one of the sources told Reuters.
The Rodos is expected to arrive at India's Mangalore port on August 1, while the Amazon is scheduled to reach Chennai in early August, both sources said.
Both vessels are managed by Greece-based Dynacom Tankers. Dynacom had no immediate comment when contacted by Reuters.
India's foreign ministry, Indian Oil and MRPL did not respond to emails seeking comment.
The vessels switched off their transponders after two other Dynacom ships, Malta-flagged Panamax-sized tanker Kavomaleas and Liberian-flagged VLCC Acheloos, were hit by projectiles.
Indian refiners have switched to cargoes from the Middle East on a delivered basis since the Houthi attacks on several Saudi tankers. MRPL said in its latest tender it will only buy oil shipped on routes avoiding the Red Sea and Strait of Hormuz.
It was not immediately clear if the Indian government talked to the Houthis or Iranian authorities to gain safe passage for the vessels after refiners in India approached it for help.
(Reporting by Nidhi Verma; Additional reporting by Aftab Ahmed and Lefteris Papadimas; Editing by Florence Tan and Alexander Smith)
(([email protected]; X: @nidhi712;))
July 28 (Reuters) - India's ONGC ONGC.NS said on Tuesday it approved a parent company guarantee of $500 million in favour of Saudi Aramco 2223.SE to enable its subsidiary Mangalore Refinery and Petrochemicals (MRPL) MRPL.NS to import crude oil over the next two years.
(Reporting by Chandini Monnappa in Bengaluru; Editing by Sonia Cheema)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
July 28 (Reuters) - India's ONGC ONGC.NS said on Tuesday it approved a parent company guarantee of $500 million in favour of Saudi Aramco 2223.SE to enable its subsidiary Mangalore Refinery and Petrochemicals (MRPL) MRPL.NS to import crude oil over the next two years.
(Reporting by Chandini Monnappa in Bengaluru; Editing by Sonia Cheema)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
NEW DELHI/SINGAPORE, July 27 (Reuters) - India's state-owned Mangalore Refinery and Petrochemicals Ltd is seeking to import oil via a spot tender and has, for the first time, asked suppliers to avoid using the Red Sea and the Strait of Hormuz, a tender document showed on Monday.
Red Sea traffic has been disrupted off the coast of Yemen since last week by the Tehran-aligned Houthis, who want to blockade Saudi exports, expanding the U.S.-Iran conflict that has already choked oil supply through the Strait of Hormuz.
"Crude loading/transit via Red Sea route or SoH to be avoided," MRPL said in a tender document seeking up to 1 million barrels of oil on a delivered basis during August 25 to September 6.
The company, which did not award its previous tender seeking oil, is the first Indian refiner to include such a clause in its spot crude import tenders.
MRPL did not immediately respond to a Reuters request for comment.
MRPL has taken a "precautionary view" as it wants to avoid a potential supply disruption along two of the world's key maritime oil trade routes, said a source familiar with the matter.
The new clause would continue to be a part of future import tenders if the situation in the Middle East does not improve, the source added.
MRPL, a subsidiary of state-run explorer Oil and Natural Gas Corp ONGC.NS, operates a 300,000 barrels per day refinery in the southern Indian state of Karnataka.
(Reporting by Nidhi Verma and Siyi Liu; Editing by Joe Bavier)
(([email protected]; X: @nidhi712;))
NEW DELHI/SINGAPORE, July 27 (Reuters) - India's state-owned Mangalore Refinery and Petrochemicals Ltd is seeking to import oil via a spot tender and has, for the first time, asked suppliers to avoid using the Red Sea and the Strait of Hormuz, a tender document showed on Monday.
Red Sea traffic has been disrupted off the coast of Yemen since last week by the Tehran-aligned Houthis, who want to blockade Saudi exports, expanding the U.S.-Iran conflict that has already choked oil supply through the Strait of Hormuz.
"Crude loading/transit via Red Sea route or SoH to be avoided," MRPL said in a tender document seeking up to 1 million barrels of oil on a delivered basis during August 25 to September 6.
The company, which did not award its previous tender seeking oil, is the first Indian refiner to include such a clause in its spot crude import tenders.
MRPL did not immediately respond to a Reuters request for comment.
MRPL has taken a "precautionary view" as it wants to avoid a potential supply disruption along two of the world's key maritime oil trade routes, said a source familiar with the matter.
The new clause would continue to be a part of future import tenders if the situation in the Middle East does not improve, the source added.
MRPL, a subsidiary of state-run explorer Oil and Natural Gas Corp ONGC.NS, operates a 300,000 barrels per day refinery in the southern Indian state of Karnataka.
(Reporting by Nidhi Verma and Siyi Liu; Editing by Joe Bavier)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 21 (Reuters) - Indian Oil Corp IOC.NS has cancelled the lifting of Iraqi oil from Basrah Oil Terminal due to increased risk and attacks on some vessels transiting through the Strait of Hormuz, three sources familiar with the matter said.
State-run IOC was preparing to lift 2 million barrels of Iraqi oil in the very large crude carrier Lila Jamnagar around July 23.
Another state refiner, Mangalore Refinery and Petrochemicals Ltd MRPL.NS, also cancelled plans to lift oil from Iraq in the Indian-flagged Aframax tanker Desh Gaurav, they said.
The two Indian refiners did not immediately respond to a Reuters request for comment.
India has advised shipowners, ship managers and recruitment companies not to deploy the country's seafarers on vessels undertaking trips through the Strait of Hormuz following the resumption of fighting in the region.
The shipping regulator has also directed masters of vessels to ensure that they are sufficiently vigilant about the security situation in the Persian Gulf, the Strait of Hormuz and adjoining waters, and called for continuous monitoring of navigational warnings.
The Strait of Hormuz between Iran and Oman was the main transit route before the conflict for around a fifth of global energy supplies.
Tensions have escalated since a fragile truce between Washington and Tehran collapsed in early July, reviving heavy exchanges of strikes and further disrupting shipping through the waterway.
(Reporting by Nidhi Verma; Editing by Joe Bavier)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 21 (Reuters) - Indian Oil Corp IOC.NS has cancelled the lifting of Iraqi oil from Basrah Oil Terminal due to increased risk and attacks on some vessels transiting through the Strait of Hormuz, three sources familiar with the matter said.
State-run IOC was preparing to lift 2 million barrels of Iraqi oil in the very large crude carrier Lila Jamnagar around July 23.
Another state refiner, Mangalore Refinery and Petrochemicals Ltd MRPL.NS, also cancelled plans to lift oil from Iraq in the Indian-flagged Aframax tanker Desh Gaurav, they said.
The two Indian refiners did not immediately respond to a Reuters request for comment.
India has advised shipowners, ship managers and recruitment companies not to deploy the country's seafarers on vessels undertaking trips through the Strait of Hormuz following the resumption of fighting in the region.
The shipping regulator has also directed masters of vessels to ensure that they are sufficiently vigilant about the security situation in the Persian Gulf, the Strait of Hormuz and adjoining waters, and called for continuous monitoring of navigational warnings.
The Strait of Hormuz between Iran and Oman was the main transit route before the conflict for around a fifth of global energy supplies.
Tensions have escalated since a fragile truce between Washington and Tehran collapsed in early July, reviving heavy exchanges of strikes and further disrupting shipping through the waterway.
(Reporting by Nidhi Verma; Editing by Joe Bavier)
(([email protected]; X: @nidhi712;))
** Shares of Mangalore Refinery and Petrochemicals MRPL.NS up 12.6% at 177.29 rupees, highest since April 28
** Co posts Q1 consol net profit of 9.46 billion rupees vs loss a year ago; rev from ops nearly doubles to 416.09 billion rupees
** Profit was supported by an exceptional gain of 4.71 billion rupees pertaining to revision in petroleum product prices
** More than 78.7 million shares change hands vs 30-day avg of 8.5 million shares
** YTD, stock up 16.5%
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
** Shares of Mangalore Refinery and Petrochemicals MRPL.NS up 12.6% at 177.29 rupees, highest since April 28
** Co posts Q1 consol net profit of 9.46 billion rupees vs loss a year ago; rev from ops nearly doubles to 416.09 billion rupees
** Profit was supported by an exceptional gain of 4.71 billion rupees pertaining to revision in petroleum product prices
** More than 78.7 million shares change hands vs 30-day avg of 8.5 million shares
** YTD, stock up 16.5%
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
Rosneft, Gazprom Neft and Lukoil seek supplies, sources say
Indian refiners may not have surplus for Russia, sources say
One cargo has already sailed for Russia via traders
By Krishna N. Das and Nidhi Verma
NEW DELHI, July 15 (Reuters) - Top Russian energy companies have approached Indian refiners for more gasoline after Ukrainian strikes knocked out a significant portion of Russia's refining capacity, two sources familiar with the matter told Reuters on Wednesday.
India is the biggest buyer of Russian seaborne crude oil, making Moscow's bid to secure Indian gasoline an unusual reversal in the countries' energy trade relationship, highlighting the extent of the disruption caused by the Ukrainian attacks. Moscow is witnessing its worst gasoline crisis.
At least one cargo of Indian gasoline has already sailed to Russia and more are expected, with nearly 40% of Russia's refining capacity unlikely to return for at least two months if there are no further attacks, one of the sources with knowledge of the matter said.
Rosneft ROSN.MM, Gazprom Neft and Lukoil LKOH.MM are among the companies that have contacted Indian counterparts, including private and state-run refiners, the source said, adding that any supplies would be routed through traders if deals are agreed.
Sources at three Indian state refiners said Russian companies had approached them for more gasoline but that they have no surplus volumes to export. They and the other two sources spoke on the condition of anonymity to discuss sensitive matters.
Major Indian state refiners including Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum CorpHPCL.NS, the three Russian oil companies, and Russia's energy ministry did not respond to Reuters emails seeking comment.
Indian Oil Minister Hardeep Singh Puri said earlier this month that Indian companies were not selling fuel to Russia but it was possible that Russia purchased Indian-origin fuel from traders.
SHIP-TO-SHIP TRANSFERS
One of the sources familiar with the matter said any further supplies from India could reach Russia through ship-to-ship transfers. Russia would seek supplies of diesel if Ukrainian attacks knocked out further refining capacity, though there were enough supplies of the fuel for now, the source added.
Reuters reported early this month that traders have sold gasoline produced by Indian refiner Nayara Energy, partly owned by Rosneft, to Russia.
Tanker Agni loaded with 42,000 metric tons of gasoline from Nayara's Vadinar port between June 18 and 20 and did a ship-to-ship transfer of the cargo onto the vessel Garnet at Damietta Light near Egypt, between July 6 and 7, Kpler said in a note citing satellite imagery. Garnet is expected to reach Vitino in Russia around July 26, the ship tracking agency said.
Shipping sources said another tanker, Varg, loaded with gasoline from Nayara's Vadinar port, was bound for Suez, where the cargo is expected to be transferred to another vessel off Egypt for onward shipment to Russia.
Nayara told Reuters it "has neither sold nor has any plans to sell fuel to Russian companies".
"Nayara Energy remains committed to serving the Indian market and meeting the demand for fuels across the length and breadth of India," it said in response to questions from Reuters.
"As the country’s largest private sector fuel retailer, our only priority is to ensure optimum supplies to over 7,000 stations and other channels including bulk customers."
(Reporting by Krishna N. Das and Nidhi Verma in New Delhi; Additional reporting by Vladimir Soldatkin; Editing by Emelia Sithole-Matarise)
Rosneft, Gazprom Neft and Lukoil seek supplies, sources say
Indian refiners may not have surplus for Russia, sources say
One cargo has already sailed for Russia via traders
By Krishna N. Das and Nidhi Verma
NEW DELHI, July 15 (Reuters) - Top Russian energy companies have approached Indian refiners for more gasoline after Ukrainian strikes knocked out a significant portion of Russia's refining capacity, two sources familiar with the matter told Reuters on Wednesday.
India is the biggest buyer of Russian seaborne crude oil, making Moscow's bid to secure Indian gasoline an unusual reversal in the countries' energy trade relationship, highlighting the extent of the disruption caused by the Ukrainian attacks. Moscow is witnessing its worst gasoline crisis.
At least one cargo of Indian gasoline has already sailed to Russia and more are expected, with nearly 40% of Russia's refining capacity unlikely to return for at least two months if there are no further attacks, one of the sources with knowledge of the matter said.
Rosneft ROSN.MM, Gazprom Neft and Lukoil LKOH.MM are among the companies that have contacted Indian counterparts, including private and state-run refiners, the source said, adding that any supplies would be routed through traders if deals are agreed.
Sources at three Indian state refiners said Russian companies had approached them for more gasoline but that they have no surplus volumes to export. They and the other two sources spoke on the condition of anonymity to discuss sensitive matters.
Major Indian state refiners including Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum CorpHPCL.NS, the three Russian oil companies, and Russia's energy ministry did not respond to Reuters emails seeking comment.
Indian Oil Minister Hardeep Singh Puri said earlier this month that Indian companies were not selling fuel to Russia but it was possible that Russia purchased Indian-origin fuel from traders.
SHIP-TO-SHIP TRANSFERS
One of the sources familiar with the matter said any further supplies from India could reach Russia through ship-to-ship transfers. Russia would seek supplies of diesel if Ukrainian attacks knocked out further refining capacity, though there were enough supplies of the fuel for now, the source added.
Reuters reported early this month that traders have sold gasoline produced by Indian refiner Nayara Energy, partly owned by Rosneft, to Russia.
Tanker Agni loaded with 42,000 metric tons of gasoline from Nayara's Vadinar port between June 18 and 20 and did a ship-to-ship transfer of the cargo onto the vessel Garnet at Damietta Light near Egypt, between July 6 and 7, Kpler said in a note citing satellite imagery. Garnet is expected to reach Vitino in Russia around July 26, the ship tracking agency said.
Shipping sources said another tanker, Varg, loaded with gasoline from Nayara's Vadinar port, was bound for Suez, where the cargo is expected to be transferred to another vessel off Egypt for onward shipment to Russia.
Nayara told Reuters it "has neither sold nor has any plans to sell fuel to Russian companies".
"Nayara Energy remains committed to serving the Indian market and meeting the demand for fuels across the length and breadth of India," it said in response to questions from Reuters.
"As the country’s largest private sector fuel retailer, our only priority is to ensure optimum supplies to over 7,000 stations and other channels including bulk customers."
(Reporting by Krishna N. Das and Nidhi Verma in New Delhi; Additional reporting by Vladimir Soldatkin; Editing by Emelia Sithole-Matarise)
By Nidhi Verma
NEW DELHI, July 10 (Reuters) - India's top explorer Oil and Natural Gas Corp ONGC.NS will build a 1.75 million metric ton (MT) national strategic petroleum reserve in Mangalore in southern India, the company said in a stock exchange filing late Thursday.
India, the world's third biggest oil importer and consumer, was hit hard by the blockade of the Strait of Hormuz after Israel-U.S. attacks on Iran. About a fifth of the world's energy supplies pass through the waterway.
The South Asian nation is enhancing its energy cooperation with countries, including the United Arab Emirates and Japan, to strengthen its emergency stockpile.
ONGC would seek the federal government's permission for commercial use of the storage to be built in "national interest", it said in the filing.
New Delhi already allows commercial use of a part of its strategic storage built at three locations - Mangalore, Padur and Vizag - in southern India to store up to 5.33 MT of crude. These storage facilities are managed by the government-owned Indian Strategic Petroleum Reserves Ltd.
Mangalore Refinery and Petrochemicals Ltd MRPL.NS, a subsidiary of ONGC, operates a 300,000 barrel per day refinery in Mangalore. It has already leased half of the 1.5 MT Mangalore SPR, while the remaining capacity is leased to Abu Dhabi National Oil Co. of the UAE.
During Indian Prime Minister Narendra Modi's visit to the UAE earlier this year, ADNOC announced plans to increase crude oil storage in India to up to 30 million barrels.
ADNOC also announced that the UAE would explore potential crude storage at Fujairah as part of India's strategic reserve.
India also plans to build 4 MT of strategic storage at Chandikhol in the eastern state of Odisha and a new 2.5 MT facility at Padur in southern India.
(Reporting by Nidhi Verma; Editing by Rashmi Aich)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 10 (Reuters) - India's top explorer Oil and Natural Gas Corp ONGC.NS will build a 1.75 million metric ton (MT) national strategic petroleum reserve in Mangalore in southern India, the company said in a stock exchange filing late Thursday.
India, the world's third biggest oil importer and consumer, was hit hard by the blockade of the Strait of Hormuz after Israel-U.S. attacks on Iran. About a fifth of the world's energy supplies pass through the waterway.
The South Asian nation is enhancing its energy cooperation with countries, including the United Arab Emirates and Japan, to strengthen its emergency stockpile.
ONGC would seek the federal government's permission for commercial use of the storage to be built in "national interest", it said in the filing.
New Delhi already allows commercial use of a part of its strategic storage built at three locations - Mangalore, Padur and Vizag - in southern India to store up to 5.33 MT of crude. These storage facilities are managed by the government-owned Indian Strategic Petroleum Reserves Ltd.
Mangalore Refinery and Petrochemicals Ltd MRPL.NS, a subsidiary of ONGC, operates a 300,000 barrel per day refinery in Mangalore. It has already leased half of the 1.5 MT Mangalore SPR, while the remaining capacity is leased to Abu Dhabi National Oil Co. of the UAE.
During Indian Prime Minister Narendra Modi's visit to the UAE earlier this year, ADNOC announced plans to increase crude oil storage in India to up to 30 million barrels.
ADNOC also announced that the UAE would explore potential crude storage at Fujairah as part of India's strategic reserve.
India also plans to build 4 MT of strategic storage at Chandikhol in the eastern state of Odisha and a new 2.5 MT facility at Padur in southern India.
(Reporting by Nidhi Verma; Editing by Rashmi Aich)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 8 (Reuters) - India's Mangalore Refinery and Petrochemicals Ltd MRPL.NS has cancelled a vessel charter it had booked for loading crude oil from Iraq, two shipping sources with knowledge of the matter said.
One of the people said MRPL has cited "technical reasons" for not going ahead with the chartering of the Aframax tanker Jasmin Joy.
It was not clear whether the chartering failed due to heightened tension in the Strait of Hormuz, the sources said, after attacks on some ships in the key waterway prompted maritime authorities to raise the threat risk for transiting vessels to "severe".
MRPL is scouting for a replacement vessel, they said.
MRPL did not respond to a Reuters email seeking comments.
(Reporting by Nidhi Verma; Editing by Sonali Paul)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 8 (Reuters) - India's Mangalore Refinery and Petrochemicals Ltd MRPL.NS has cancelled a vessel charter it had booked for loading crude oil from Iraq, two shipping sources with knowledge of the matter said.
One of the people said MRPL has cited "technical reasons" for not going ahead with the chartering of the Aframax tanker Jasmin Joy.
It was not clear whether the chartering failed due to heightened tension in the Strait of Hormuz, the sources said, after attacks on some ships in the key waterway prompted maritime authorities to raise the threat risk for transiting vessels to "severe".
MRPL is scouting for a replacement vessel, they said.
MRPL did not respond to a Reuters email seeking comments.
(Reporting by Nidhi Verma; Editing by Sonali Paul)
(([email protected]; X: @nidhi712;))
By Nidhi Verma and Florence Tan
NEW DELHI/SINGAPORE, July 7 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS has chartered a vessel to load crude oil from Iraq, the first Indian state-owned refiner to do so since the partial reopening of the Strait of Hormuz, three shipping sources said.
MRPL has booked the Aframax tanker Jasmin Joy to load crude from Iraq's Basrah oil terminal on July 19-20, the sources said.
Indian state refiners have been struggling to secure ships to load crude from ports on the west of the Strait of Hormuz, a strategic waterway through which roughly a fifth of the world's oil and gas supplies transited before the Israel-Iran conflict disrupted shipping in the region.
MRPL, which operates a 300,000 barrel-per-day refinery in the southern Indian state of Karnataka, did not immediately respond to a Reuters email seeking comment.
(Reporting by Nidhi Verma and Florence Tan; Editing by Sherry Jacob-Phillips)
(([email protected]; X: @nidhi712;))
By Nidhi Verma and Florence Tan
NEW DELHI/SINGAPORE, July 7 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS has chartered a vessel to load crude oil from Iraq, the first Indian state-owned refiner to do so since the partial reopening of the Strait of Hormuz, three shipping sources said.
MRPL has booked the Aframax tanker Jasmin Joy to load crude from Iraq's Basrah oil terminal on July 19-20, the sources said.
Indian state refiners have been struggling to secure ships to load crude from ports on the west of the Strait of Hormuz, a strategic waterway through which roughly a fifth of the world's oil and gas supplies transited before the Israel-Iran conflict disrupted shipping in the region.
MRPL, which operates a 300,000 barrel-per-day refinery in the southern Indian state of Karnataka, did not immediately respond to a Reuters email seeking comment.
(Reporting by Nidhi Verma and Florence Tan; Editing by Sherry Jacob-Phillips)
(([email protected]; X: @nidhi712;))
May 19 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MANGALORE REFINERY AND PETROCHEMICALS - PNGRB GRANTS AUTHORIZATION FOR PETROLEUM PIPELINE AT KEMPEGOWDA AIRPORT BENGALURU
Source text: ID:nBSE3nj5HQ
Further company coverage: MRPL.NS
(([email protected];))
May 19 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MANGALORE REFINERY AND PETROCHEMICALS - PNGRB GRANTS AUTHORIZATION FOR PETROLEUM PIPELINE AT KEMPEGOWDA AIRPORT BENGALURU
Source text: ID:nBSE3nj5HQ
Further company coverage: MRPL.NS
(([email protected];))
May 14 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MANGALORE REFINERY AND PETROCHEMICALS - CESTAT ALLOWED APPEAL WITH RELIEF FROM CUSTOMS DUTY DEMAND
MANGALORE REFINERY AND PETROCHEMICALS LTD - ELIGIBLE FOR REFUND OF 2.13 BILLION RUPEES CUSTOMS DUTY
Source text: ID:nBSE3X7Wgp
Further company coverage: MRPL.NS
(([email protected];;))
May 14 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MANGALORE REFINERY AND PETROCHEMICALS - CESTAT ALLOWED APPEAL WITH RELIEF FROM CUSTOMS DUTY DEMAND
MANGALORE REFINERY AND PETROCHEMICALS LTD - ELIGIBLE FOR REFUND OF 2.13 BILLION RUPEES CUSTOMS DUTY
Source text: ID:nBSE3X7Wgp
Further company coverage: MRPL.NS
(([email protected];;))
April 27 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MANGALORE REFINERY AND PETROCHEMICALS LTD- ONGC APPROVES FORMATION OF JV WITH ONGC, MRPL AND ONGC PETRO ADDITIONS LIMITED
MANGALORE REFINERY AND PETROCHEMICALS LTD- SHALL CONTRIBUTE 125 MILLION RUPEES TOWARDS EQUITY SHARE CAPITAL IN JOINT VENTURE COMPANY
Source text: ID:nnAZN4SSW2U
Further company coverage: MRPL.NS
(([email protected];))
April 27 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MANGALORE REFINERY AND PETROCHEMICALS LTD- ONGC APPROVES FORMATION OF JV WITH ONGC, MRPL AND ONGC PETRO ADDITIONS LIMITED
MANGALORE REFINERY AND PETROCHEMICALS LTD- SHALL CONTRIBUTE 125 MILLION RUPEES TOWARDS EQUITY SHARE CAPITAL IN JOINT VENTURE COMPANY
Source text: ID:nnAZN4SSW2U
Further company coverage: MRPL.NS
(([email protected];))
** Shares of India's Reliance Industries RELI.NS fall 2.8% to near one-week low of 1,313 rupees
** India raises export duties on diesel, aviation turbine fuel
** Refiners MRPL MRPL.NS and Chennai Petroleum CHPC.NS fall 2.4% and 1.9%, respectively
** Nomura says MRPL, Nayara, CPCL, HPCL Mittal Energy, Numaligarh and domestic refineries of RELI will be subject to windfall tax on export of diesel and air turbine fuel
** Adds that RELI's export refinery, which accounts for almost half its refining capacity, not impacted
** RELI rated "buy" on average by 32 brokerages, median PT is 1,700 rupees, per data compiled by LSEG
** YTD, RELI stock down 16.4%
(Reporting by Brijesh Patel in Bengaluru)
(([email protected]; Ph no. +91 9590227221;))
** Shares of India's Reliance Industries RELI.NS fall 2.8% to near one-week low of 1,313 rupees
** India raises export duties on diesel, aviation turbine fuel
** Refiners MRPL MRPL.NS and Chennai Petroleum CHPC.NS fall 2.4% and 1.9%, respectively
** Nomura says MRPL, Nayara, CPCL, HPCL Mittal Energy, Numaligarh and domestic refineries of RELI will be subject to windfall tax on export of diesel and air turbine fuel
** Adds that RELI's export refinery, which accounts for almost half its refining capacity, not impacted
** RELI rated "buy" on average by 32 brokerages, median PT is 1,700 rupees, per data compiled by LSEG
** YTD, RELI stock down 16.4%
(Reporting by Brijesh Patel in Bengaluru)
(([email protected]; Ph no. +91 9590227221;))
April 9 (Reuters) - Indian fuel retailers are buying diesel from refiners at discounted rates to shield customers from any price hike, an industry source said on Thursday.
The new pricing formula is based on India's crude import price, the source told reporters.
(Reporting by Nidhi Verma in New Delhi; Editing by Sonia Cheema)
(([email protected];))
April 9 (Reuters) - Indian fuel retailers are buying diesel from refiners at discounted rates to shield customers from any price hike, an industry source said on Thursday.
The new pricing formula is based on India's crude import price, the source told reporters.
(Reporting by Nidhi Verma in New Delhi; Editing by Sonia Cheema)
(([email protected];))
March 31 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MRPL - GETS TAX ORDER FOR DEMAND 109.7 MILLION RUPEES, PENALTY 127.9 MILLION RUPEES
Source text: ID:nNSE1sLg6N
Further company coverage: MRPL.NS
(([email protected];;))
March 31 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MRPL - GETS TAX ORDER FOR DEMAND 109.7 MILLION RUPEES, PENALTY 127.9 MILLION RUPEES
Source text: ID:nNSE1sLg6N
Further company coverage: MRPL.NS
(([email protected];;))
Traders expect tight supply in summer due to prolonged war
Asian gasoline margin quadruples from pre-war to about $37/bbl
By Mohi Narayan and Ahmad Ghaddar
NEW DELHI/LONDON, March 23 (Reuters) - European and U.S. gasoline cargoes are heading to the Asia Pacific after Asian prices surged on tightening supply due to the U.S.-Israeli war with Iran, according to trade sources and shipping data.
The war has disrupted crude and oil product shipments from the Middle East to Asia, causing Asian refineries to cut output and forcing fuel distributors to seek supply from as far as the United States and buy more Russian fuel.
The extra shipping costs will exacerbate already soaring fuel prices for consumers and businesses.
At least three gasoline cargoes totalling about 1.6 million barrels have loaded last week from Europe for Asia, according to traders and ship tracking data from Kpler, as companies including Vitol and TotalEnergies TTEF.PA ship the fuel to the East to cash in on better margins in Asia.
Vitol and TotalEnergies declined to comment.
Earlier, Exxon Mobil XOM.N booked U.S. gasoline cargoes for Australia.
Europe typically only sends small parcels of gasoline to the East of Suez markets, while its key markets are the U.S., Latin America and West Africa.
Asian refiners' profits from making a barrel of gasoline GL92-SIN-CRK from Brent crude are hovering near 2022 highs of about $37 a barrel over Brent crude last week versus $8 before the war.
"One key factor is refinery behaviour under crude supply uncertainty. As disruptions around the Strait of Hormuz increase feedstock risk, some refiners are becoming more cautious about run rates or export commitments," Nithin Prakash, analyst at consultancy Rystad Energy, said.
Even if inventories currently appear comfortable, lower refining throughput could tighten the supply outlook and support gasoline margins, he said.
Singapore inventories of light distillates, which include gasoline and naphtha, are about 6% higher than the same time last year, at 17.93 million barrels, LSEG data showed. STKLD-SIN
REGIONAL SUPPLY FALLS
Gasoline supply from within the region is falling as shipments from top fuel exporter South Korea are expected to drop to between 5 million and 6 million barrels in March from a three-month average of about 10 million barrels, preliminary Kpler and LSEG data showed.
China, another big supplier, has banned fuel exports to shore up its domestic market. Thailand and Vietnam have also restricted fuel exports.
Traders are now pinning their hopes on Asia's second largest fuel exporter, India, which typically sends about 40% of its monthly shipments of between 7 million and 8 million barrels to the Middle East, to pivot to the East.
India typically sends about 22% of its gasoline to Asia, LSEG data showed. However, the country's gasoline exports have plummeted to about 5 million to 6 million barrels in March from around 12 million barrels last month, preliminary LSEG and Kpler data showed, as state-run Mangalore Refinery and Petrochemicals MRPL.NS has temporarily suspended cargo loadings.
Vessel | Load port | Discharge port | Volume (bbl) | Load date | Charterer |
Maui | Ventspils | Singapore | 770,000 | March 18 | Vitol |
Metro Mistral | Amsterdam | Karachi | 500,000 | March 14 | TotalEnergies |
ST Connaught | Amsterdam | Singapore | 400,000 | March 17 | NA |
Source: Kpler and shipping data from traders | |||||
Asian gasoline margin surges to multi-year highs https://tmsnrt.rs/3PJLlvg
(Reporting by Mohi Narayan in New Delhi, Ahmad Ghaddar and Enes Tunagur in London, and Shariq Khan in New York; Editing by Sonali Paul)
Traders expect tight supply in summer due to prolonged war
Asian gasoline margin quadruples from pre-war to about $37/bbl
By Mohi Narayan and Ahmad Ghaddar
NEW DELHI/LONDON, March 23 (Reuters) - European and U.S. gasoline cargoes are heading to the Asia Pacific after Asian prices surged on tightening supply due to the U.S.-Israeli war with Iran, according to trade sources and shipping data.
The war has disrupted crude and oil product shipments from the Middle East to Asia, causing Asian refineries to cut output and forcing fuel distributors to seek supply from as far as the United States and buy more Russian fuel.
The extra shipping costs will exacerbate already soaring fuel prices for consumers and businesses.
At least three gasoline cargoes totalling about 1.6 million barrels have loaded last week from Europe for Asia, according to traders and ship tracking data from Kpler, as companies including Vitol and TotalEnergies TTEF.PA ship the fuel to the East to cash in on better margins in Asia.
Vitol and TotalEnergies declined to comment.
Earlier, Exxon Mobil XOM.N booked U.S. gasoline cargoes for Australia.
Europe typically only sends small parcels of gasoline to the East of Suez markets, while its key markets are the U.S., Latin America and West Africa.
Asian refiners' profits from making a barrel of gasoline GL92-SIN-CRK from Brent crude are hovering near 2022 highs of about $37 a barrel over Brent crude last week versus $8 before the war.
"One key factor is refinery behaviour under crude supply uncertainty. As disruptions around the Strait of Hormuz increase feedstock risk, some refiners are becoming more cautious about run rates or export commitments," Nithin Prakash, analyst at consultancy Rystad Energy, said.
Even if inventories currently appear comfortable, lower refining throughput could tighten the supply outlook and support gasoline margins, he said.
Singapore inventories of light distillates, which include gasoline and naphtha, are about 6% higher than the same time last year, at 17.93 million barrels, LSEG data showed. STKLD-SIN
REGIONAL SUPPLY FALLS
Gasoline supply from within the region is falling as shipments from top fuel exporter South Korea are expected to drop to between 5 million and 6 million barrels in March from a three-month average of about 10 million barrels, preliminary Kpler and LSEG data showed.
China, another big supplier, has banned fuel exports to shore up its domestic market. Thailand and Vietnam have also restricted fuel exports.
Traders are now pinning their hopes on Asia's second largest fuel exporter, India, which typically sends about 40% of its monthly shipments of between 7 million and 8 million barrels to the Middle East, to pivot to the East.
India typically sends about 22% of its gasoline to Asia, LSEG data showed. However, the country's gasoline exports have plummeted to about 5 million to 6 million barrels in March from around 12 million barrels last month, preliminary LSEG and Kpler data showed, as state-run Mangalore Refinery and Petrochemicals MRPL.NS has temporarily suspended cargo loadings.
Vessel | Load port | Discharge port | Volume (bbl) | Load date | Charterer |
Maui | Ventspils | Singapore | 770,000 | March 18 | Vitol |
Metro Mistral | Amsterdam | Karachi | 500,000 | March 14 | TotalEnergies |
ST Connaught | Amsterdam | Singapore | 400,000 | March 17 | NA |
Source: Kpler and shipping data from traders | |||||
Asian gasoline margin surges to multi-year highs https://tmsnrt.rs/3PJLlvg
(Reporting by Mohi Narayan in New Delhi, Ahmad Ghaddar and Enes Tunagur in London, and Shariq Khan in New York; Editing by Sonali Paul)
Adds Sinochem
By Ruth Chai
March 21 (Reuters) - A growing number of refineries and petrochemical companies, mostly in Asia, have cut runs, shut units or declared force majeure as the U.S.-Israeli war on Iran disrupts crude and feedstock exports from the Middle East.
Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.
It takes up to two weeks to restart a steam cracker unit, two operators said, and plants typically don't keep more than one month of feedstock on hand.
Here are some of the latest developments:
CHINA
* State-owned Sinochem has cut crude throughput at its only refinery in southeast China's Quanzhou to around 60%, with some saying it is seeking prompt crude deliveries to cover a supply gap in Middle Eastern oil.
The refiner also reduced operations at its one million-ton-per-year steam cracker to approximately 60%.
* Sinopec, the world's biggest refiner by capacity, is also seeking to cut throughput this month by more than 10% from an original plan in response to a supply gap caused by the war in the Middle East, according to sources familiar with its operations.
Throughput is likely to fall by 600,000 to 700,000 barrels per day (bpd) on average in March, the two sources estimated, adding that the cuts excluded losses from plant maintenance that was planned before the war began on February 28.
* China's Wanhua Chemical 600309.SS has declared force majeure to its Middle East customers, a company representative said.
Its two crackers, with a total ethylene production capacity of 2.2 million metric tons per year, are still running at high rates for now, according to two sources familiar with the matter. The company declined to comment on whether production at the two crackers was cut.
* Shell's SHEL.L south China petrochemical joint venture with China's CNOOC plans to shut a steam cracker soon and told domestic customers it is unable to supply some products, two sources told Reuters.
CNOOC and Shell Petrochemicals Co Ltd, or CSPC, plans to close a 1.2-million-ton-per-year (tpy) cracker in Huizhou, one of its two crackers with a total capacity of 2.2 million tpy, due to disruptions in feedstock supplies, the sources said.
* Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco 2222.SE, shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply.
* Another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical Co, or FREP, shut its 80,000-bpd crude unit - its smallest - for an unspecified amount of time, two industry sources said.
* China has also urged refiners to suspend signing new contracts to export fuel, and to try to cancel shipments already committed, sources said.
JAPAN
Japanese refineries cut utilization rates to 69.1% in the week to March 14 from 77.6% a week earlier and from more than 80% before the start of the Middle East conflict, data from the Petroleum Association of Japan showed.
Japan's gasoline stocks fell nearly 10%, while jet fuel, kerosene and diesel stocks were down 3%, 12% and 1% respectively, PAJ data showed.
* Japan's Mitsui Chemicals 4183.T started to cut ethylene production in Osaka and Chiba due to a drop in naphtha supplies.
* Mitsubishi Chemical 4188.T on March 9 started to cut ethylene production at its plant in Ibaraki.
* Sumitomo Chemical Asia said it issued a force majeure notice this week for methyl methacrylate production after its feedstock supplier, Singapore petrochemical firm PCS, declared force majeure on shipments.
MALAYSIA
Malaysia's Pengerang Refining (Prefchem), a joint venture between Petronas and Saudi Aramco 2222.SE, shut its 300,000-barrel-per-day (bpd) crude unit due to a lack of crude feedstock, sources said.
More than 70% of Prefchem's seaborne crude imports last year came via the Strait of Hormuz, according to Kpler ship-tracking data.
SINGAPORE
* Singapore Refining Co (SRC) has cut refinery runs at its 290,000-bpd Jurong Island site in Singapore to around 60% and is likely to maintain reduced runs until the end of the month, sources said.
SRC has cut or delayed March naphtha deliveries to at least two offtakers, sources said.
* Also on Jurong Island, a 592,000-bpd site owned by ExxonMobil XOM.N has cut crude runs to around 50% or lower from around 80% or more, sources said.
The refinery has sourced around 65% of its crude via the Strait of Hormuz this year, Kpler ship-tracking data showed.
* Earlier, Singapore petrochemical firm PCS declared force majeure on shipments, according to a letter reviewed by Reuters and sources.
* Singapore refiner and petrochemical major Aster Chemicals and Energy declared force majeure, a company spokesperson said.
Products covered by the force majeure include ethylene and propylene. Aster's steam cracker was running at around 50% on March 6, having restarted at the end of February, sources said.
TAIWAN
Taiwan's Formosa Petrochemical Corp has issued a force majeure notice on some of its petrochemical supplies, an FPCC spokesperson said.
The refiner's No.2 and No.3 crackers are still operating at around 70%, and the company will consider shutting one cracker if naphtha stock is insufficient.
BAHRAIN
Bapco Energies declared force majeure on its group operations, following a recent attack on its refinery complex, the company said.
THAILAND
Thai petrochemicals firm Rayong Olefins, a unit of Siam Cement Group, declared force majeure due to the Middle East conflict, according to a copy of a letter seen by Reuters.
INDIA
India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-bpd refinery due to oil shortage, sources said.
SOUTH KOREA
South Korean petrochemical company Yeochun NCC has cut its output and declared force majeure on its supply as it is unable to receive naphtha feedstock due to the Strait of Hormuz blockade, according to a source and a company letter reviewed by Reuters.
INDONESIA
Indonesian petrochemical producer Chandra Asri TPIA.JK has declared force majeure on all contracts as the Middle East conflict disrupted its raw material supply, it said in a statement.
VIETNAM
Vietnam's Binh Son Refining and Petrochemical asked the government to prioritize supplying domestically produced crude oil to its Dung Quat Refinery while limiting crude exports until at least the end of the third quarter this year to ensure national security, it said in a statement.
(Reporting by Ruth Chai; Editing by Tony Munroe, Diti Pujara, Mark Potter, Andrei Khalip and Thomas Derpinghaus)
(([email protected];))
Adds Sinochem
By Ruth Chai
March 21 (Reuters) - A growing number of refineries and petrochemical companies, mostly in Asia, have cut runs, shut units or declared force majeure as the U.S.-Israeli war on Iran disrupts crude and feedstock exports from the Middle East.
Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.
It takes up to two weeks to restart a steam cracker unit, two operators said, and plants typically don't keep more than one month of feedstock on hand.
Here are some of the latest developments:
CHINA
* State-owned Sinochem has cut crude throughput at its only refinery in southeast China's Quanzhou to around 60%, with some saying it is seeking prompt crude deliveries to cover a supply gap in Middle Eastern oil.
The refiner also reduced operations at its one million-ton-per-year steam cracker to approximately 60%.
* Sinopec, the world's biggest refiner by capacity, is also seeking to cut throughput this month by more than 10% from an original plan in response to a supply gap caused by the war in the Middle East, according to sources familiar with its operations.
Throughput is likely to fall by 600,000 to 700,000 barrels per day (bpd) on average in March, the two sources estimated, adding that the cuts excluded losses from plant maintenance that was planned before the war began on February 28.
* China's Wanhua Chemical 600309.SS has declared force majeure to its Middle East customers, a company representative said.
Its two crackers, with a total ethylene production capacity of 2.2 million metric tons per year, are still running at high rates for now, according to two sources familiar with the matter. The company declined to comment on whether production at the two crackers was cut.
* Shell's SHEL.L south China petrochemical joint venture with China's CNOOC plans to shut a steam cracker soon and told domestic customers it is unable to supply some products, two sources told Reuters.
CNOOC and Shell Petrochemicals Co Ltd, or CSPC, plans to close a 1.2-million-ton-per-year (tpy) cracker in Huizhou, one of its two crackers with a total capacity of 2.2 million tpy, due to disruptions in feedstock supplies, the sources said.
* Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco 2222.SE, shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply.
* Another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical Co, or FREP, shut its 80,000-bpd crude unit - its smallest - for an unspecified amount of time, two industry sources said.
* China has also urged refiners to suspend signing new contracts to export fuel, and to try to cancel shipments already committed, sources said.
JAPAN
Japanese refineries cut utilization rates to 69.1% in the week to March 14 from 77.6% a week earlier and from more than 80% before the start of the Middle East conflict, data from the Petroleum Association of Japan showed.
Japan's gasoline stocks fell nearly 10%, while jet fuel, kerosene and diesel stocks were down 3%, 12% and 1% respectively, PAJ data showed.
* Japan's Mitsui Chemicals 4183.T started to cut ethylene production in Osaka and Chiba due to a drop in naphtha supplies.
* Mitsubishi Chemical 4188.T on March 9 started to cut ethylene production at its plant in Ibaraki.
* Sumitomo Chemical Asia said it issued a force majeure notice this week for methyl methacrylate production after its feedstock supplier, Singapore petrochemical firm PCS, declared force majeure on shipments.
MALAYSIA
Malaysia's Pengerang Refining (Prefchem), a joint venture between Petronas and Saudi Aramco 2222.SE, shut its 300,000-barrel-per-day (bpd) crude unit due to a lack of crude feedstock, sources said.
More than 70% of Prefchem's seaborne crude imports last year came via the Strait of Hormuz, according to Kpler ship-tracking data.
SINGAPORE
* Singapore Refining Co (SRC) has cut refinery runs at its 290,000-bpd Jurong Island site in Singapore to around 60% and is likely to maintain reduced runs until the end of the month, sources said.
SRC has cut or delayed March naphtha deliveries to at least two offtakers, sources said.
* Also on Jurong Island, a 592,000-bpd site owned by ExxonMobil XOM.N has cut crude runs to around 50% or lower from around 80% or more, sources said.
The refinery has sourced around 65% of its crude via the Strait of Hormuz this year, Kpler ship-tracking data showed.
* Earlier, Singapore petrochemical firm PCS declared force majeure on shipments, according to a letter reviewed by Reuters and sources.
* Singapore refiner and petrochemical major Aster Chemicals and Energy declared force majeure, a company spokesperson said.
Products covered by the force majeure include ethylene and propylene. Aster's steam cracker was running at around 50% on March 6, having restarted at the end of February, sources said.
TAIWAN
Taiwan's Formosa Petrochemical Corp has issued a force majeure notice on some of its petrochemical supplies, an FPCC spokesperson said.
The refiner's No.2 and No.3 crackers are still operating at around 70%, and the company will consider shutting one cracker if naphtha stock is insufficient.
BAHRAIN
Bapco Energies declared force majeure on its group operations, following a recent attack on its refinery complex, the company said.
THAILAND
Thai petrochemicals firm Rayong Olefins, a unit of Siam Cement Group, declared force majeure due to the Middle East conflict, according to a copy of a letter seen by Reuters.
INDIA
India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-bpd refinery due to oil shortage, sources said.
SOUTH KOREA
South Korean petrochemical company Yeochun NCC has cut its output and declared force majeure on its supply as it is unable to receive naphtha feedstock due to the Strait of Hormuz blockade, according to a source and a company letter reviewed by Reuters.
INDONESIA
Indonesian petrochemical producer Chandra Asri TPIA.JK has declared force majeure on all contracts as the Middle East conflict disrupted its raw material supply, it said in a statement.
VIETNAM
Vietnam's Binh Son Refining and Petrochemical asked the government to prioritize supplying domestically produced crude oil to its Dung Quat Refinery while limiting crude exports until at least the end of the third quarter this year to ensure national security, it said in a statement.
(Reporting by Ruth Chai; Editing by Tony Munroe, Diti Pujara, Mark Potter, Andrei Khalip and Thomas Derpinghaus)
(([email protected];))
India asks oil, gas companies to disclose import, export data
India hit hard by Middle East crisis
Relies heavily on region for imports of oil, LPG and LNG
Recasts with comments from oil ministry
By Nidhi Verma
March 19 (Reuters) - India, the world's fourth-largest refiner, will review its fuel exports if needed to ensure availability in the local markets, a government official said on Thursday, amid global disruption and soaring oil prices stemming from the Iran war.
"Domestic consumption is priority, and the government will review (the export plan)," Sujata Sharma, a joint secretary in the federal petroleum ministry told a news conference.
India has ordered oil and gas companies to share full details of exports, imports and inventories with a government agency, as the South Asian nation seeks to shield consumers from shortages.
India has designated the Petroleum Planning and Analysis Cell to compile the information and all companies must share information regardless of any confidentiality obligations.
India has been hit hard by the jump in crude prices and disruption in oil and gas supplies, but unlike China it has not moved to ban exports of refined fuels.
The data will help India in taking faster and "more targeted interventions such as imposing export restrictions or calibrating export flows to meet its own energy security", said Prashant Vashisth, vice president at Moody's affiliate ICRA.
He said India can use its excess refining capacity to prioritise fuel supply to friendly or strategically aligned countries after meeting its local demand.
"Nowadays buyers are willing to pay a higher price. The question is of availability, which is beginning to outweigh prices," Vashisth said.
Any move to curtail fuel exports by India will hit Reliance Industries RELI.NS, the operator of the world's biggest refining complex, as other refiners have largely stopped exporting fuels.
All companies involved in the oil and gas supply chain including oil producers, importers, refiners, fuel and gas retailers, liquefied natural gas importers, pipeline operators, and petrochemical plants were ordered to provide PPAC with data.
India, the world's third-biggest oil importer and consumer, meets over 90% of its oil needs through purchases from overseas.
So far the federal government has said there are adequate crude supplies and refined fuel stocks to meet local demand.
However, the world's second-largest LPG importer is facing its worst cooking gas crisis in decades with shipments from the Strait of Hormuz almost halted due to the war.
India was sourcing more than 40% of its crude imports and 90% of its liquefied petroleum gas imports from the Middle East.
Indian refiners have bought millions of barrels of Russian oil floating on the high seas after Washington granted a sanctions waiver.
The country has invoked emergency powers ordering refiners to maximise production of LPG and cut sales to industry to avoid a shortage for its 333 million homes with LPG connections.
India last week asked consumers to avoid panic buying of LPG cylinders and shift to piped natural gas where possible.
(Reporting by Akanksha Khushi in Bengaluru; Editing by Andrew Cawthorne, Deepa Babington, Kevin Buckland, Alexandra Hudson)
(([email protected];))
India asks oil, gas companies to disclose import, export data
India hit hard by Middle East crisis
Relies heavily on region for imports of oil, LPG and LNG
Recasts with comments from oil ministry
By Nidhi Verma
March 19 (Reuters) - India, the world's fourth-largest refiner, will review its fuel exports if needed to ensure availability in the local markets, a government official said on Thursday, amid global disruption and soaring oil prices stemming from the Iran war.
"Domestic consumption is priority, and the government will review (the export plan)," Sujata Sharma, a joint secretary in the federal petroleum ministry told a news conference.
India has ordered oil and gas companies to share full details of exports, imports and inventories with a government agency, as the South Asian nation seeks to shield consumers from shortages.
India has designated the Petroleum Planning and Analysis Cell to compile the information and all companies must share information regardless of any confidentiality obligations.
India has been hit hard by the jump in crude prices and disruption in oil and gas supplies, but unlike China it has not moved to ban exports of refined fuels.
The data will help India in taking faster and "more targeted interventions such as imposing export restrictions or calibrating export flows to meet its own energy security", said Prashant Vashisth, vice president at Moody's affiliate ICRA.
He said India can use its excess refining capacity to prioritise fuel supply to friendly or strategically aligned countries after meeting its local demand.
"Nowadays buyers are willing to pay a higher price. The question is of availability, which is beginning to outweigh prices," Vashisth said.
Any move to curtail fuel exports by India will hit Reliance Industries RELI.NS, the operator of the world's biggest refining complex, as other refiners have largely stopped exporting fuels.
All companies involved in the oil and gas supply chain including oil producers, importers, refiners, fuel and gas retailers, liquefied natural gas importers, pipeline operators, and petrochemical plants were ordered to provide PPAC with data.
India, the world's third-biggest oil importer and consumer, meets over 90% of its oil needs through purchases from overseas.
So far the federal government has said there are adequate crude supplies and refined fuel stocks to meet local demand.
However, the world's second-largest LPG importer is facing its worst cooking gas crisis in decades with shipments from the Strait of Hormuz almost halted due to the war.
India was sourcing more than 40% of its crude imports and 90% of its liquefied petroleum gas imports from the Middle East.
Indian refiners have bought millions of barrels of Russian oil floating on the high seas after Washington granted a sanctions waiver.
The country has invoked emergency powers ordering refiners to maximise production of LPG and cut sales to industry to avoid a shortage for its 333 million homes with LPG connections.
India last week asked consumers to avoid panic buying of LPG cylinders and shift to piped natural gas where possible.
(Reporting by Akanksha Khushi in Bengaluru; Editing by Andrew Cawthorne, Deepa Babington, Kevin Buckland, Alexandra Hudson)
(([email protected];))
Updates March 5 article to add Aster under SINGAPORE
By Ruth Chai
March 6 (Reuters) - The U.S.-Israel war on Iran has disrupted oil exports from the Middle East to Asia, forcing some Asian refineries to cut runs and petrochemical companies to declare force majeure.
Here are some of the latest developments:
CHINA
Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco 2222.SE, has shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply.
Separately, another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical Co, or FREP, shut its 80,000 bpd crude unit - its smallest - for an unspecified amount of time, two industry sources familiar with the matter said.
Independent Chinese refiners, however, have enough supply on hand to weather near-term disruption from the Iran conflict, bolstered by recent record purchases of Iranian and Russian crude and robust government stockpiling, traders said.
China has also urged companies to suspend signing new contracts to export refined fuel, and to try to cancel shipments already committed, people familiar with the matter said.
INDIA
India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-barrel-per-day refinery due to oil shortage, sources said.
SOUTH KOREA
South Korean petrochemical company Yeochun NCC has cut its output and declared force majeure on its supply as it is unable to receive naphtha feedstock due to the Strait of Hormuz blockade, according to a source with knowledge of the matter and a company letter reviewed by Reuters.
SINGAPORE
Singapore petrochemical firm PCS has declared force majeure on shipments as the Middle East war has disrupted maritime transportation and supply chains, according to a letter reviewed by Reuters and three people with knowledge of the matter.
Meanwhile, Singapore refiner and petrochemical major Aster Chemicals and Energy has declared force majeure regarding supplies, a company spokesperson said on Friday.
Products covered by the force majeure include ethylene and propylene. Aster's steam cracker was running at around 50% on Friday, having restarted at the end of February, sources said.
INDONESIA
Indonesian petrochemical producer Chandra Asri TPIA.JK has declared force majeure on all contracts as the Middle East conflict has disrupted its raw material supply, it said in a statement reviewed by Reuters.
VIETNAM
Vietnam's Binh Son Refining and Petrochemical has asked the government to prioritize supplying domestically produced crude oil to its Dung Quat Refinery while limiting crude exports until at least the end of the third quarter this year to ensure national security, it said in a statement earlier this week.
(Reporting by Ruth Chai; Editing by Nivedita Bhattacharjee)
(([email protected];))
Updates March 5 article to add Aster under SINGAPORE
By Ruth Chai
March 6 (Reuters) - The U.S.-Israel war on Iran has disrupted oil exports from the Middle East to Asia, forcing some Asian refineries to cut runs and petrochemical companies to declare force majeure.
Here are some of the latest developments:
CHINA
Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco 2222.SE, has shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply.
Separately, another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical Co, or FREP, shut its 80,000 bpd crude unit - its smallest - for an unspecified amount of time, two industry sources familiar with the matter said.
Independent Chinese refiners, however, have enough supply on hand to weather near-term disruption from the Iran conflict, bolstered by recent record purchases of Iranian and Russian crude and robust government stockpiling, traders said.
China has also urged companies to suspend signing new contracts to export refined fuel, and to try to cancel shipments already committed, people familiar with the matter said.
INDIA
India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-barrel-per-day refinery due to oil shortage, sources said.
SOUTH KOREA
South Korean petrochemical company Yeochun NCC has cut its output and declared force majeure on its supply as it is unable to receive naphtha feedstock due to the Strait of Hormuz blockade, according to a source with knowledge of the matter and a company letter reviewed by Reuters.
SINGAPORE
Singapore petrochemical firm PCS has declared force majeure on shipments as the Middle East war has disrupted maritime transportation and supply chains, according to a letter reviewed by Reuters and three people with knowledge of the matter.
Meanwhile, Singapore refiner and petrochemical major Aster Chemicals and Energy has declared force majeure regarding supplies, a company spokesperson said on Friday.
Products covered by the force majeure include ethylene and propylene. Aster's steam cracker was running at around 50% on Friday, having restarted at the end of February, sources said.
INDONESIA
Indonesian petrochemical producer Chandra Asri TPIA.JK has declared force majeure on all contracts as the Middle East conflict has disrupted its raw material supply, it said in a statement reviewed by Reuters.
VIETNAM
Vietnam's Binh Son Refining and Petrochemical has asked the government to prioritize supplying domestically produced crude oil to its Dung Quat Refinery while limiting crude exports until at least the end of the third quarter this year to ensure national security, it said in a statement earlier this week.
(Reporting by Ruth Chai; Editing by Nivedita Bhattacharjee)
(([email protected];))
By Ruth Chai
March 5 (Reuters) - The U.S.-Israel war on Iran has disrupted oil exports from the Middle East to Asia, forcing some Asian refineries to cut runs and petrochemical companies to declare force majeure.
Here are some of the latest developments:
CHINA
Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco 2222.SE, has shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply.
Separately, another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical Co, or FREP, shut its 80,000 bpd crude unit - its smallest - for an unspecified amount of time, two industry sources familiar with the matter said.
Independent Chinese refiners, however, have enough supply on hand to weather near-term disruption from the Iran conflict, bolstered by recent record purchases of Iranian and Russian crude and robust government stockpiling, traders said.
China has also urged companies to suspend signing new contracts to export refined fuel, and to try to cancel shipments already committed, people familiar with the matter said.
INDIA
India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-barrel-per-day refinery due to oil shortage, sources said.
SOUTH KOREA
South Korean petrochemical company Yeochun NCC has cut its output and declared force majeure on its supply as it is unable to receive naphtha feedstock due to the Strait of Hormuz blockade, according to a source with knowledge of the matter and a company letter reviewed by Reuters.
SINGAPORE
Singaporean petrochemical firm PCS has declared force majeure on shipments as the Middle East war has disrupted maritime transportation and supply chains, according to a letter reviewed by Reuters and three people with knowledge of the matter.
INDONESIA
Indonesian petrochemical producer Chandra Asri TPIA.JK has declared force majeure on all contracts as the Middle East conflict has disrupted its raw material supply, it said in a statement reviewed by Reuters.
VIETNAM
Vietnam's Binh Son Refining and Petrochemical has asked the government to prioritize supplying domestically produced crude oil to its Dung Quat Refinery while limiting crude exports until at least the end of the third quarter this year to ensure national security, it said in a statement earlier this week.
(Reporting by Ruth Chai; Editing by Nivedita Bhattacharjee)
(([email protected];))
By Ruth Chai
March 5 (Reuters) - The U.S.-Israel war on Iran has disrupted oil exports from the Middle East to Asia, forcing some Asian refineries to cut runs and petrochemical companies to declare force majeure.
Here are some of the latest developments:
CHINA
Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco 2222.SE, has shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply.
Separately, another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical Co, or FREP, shut its 80,000 bpd crude unit - its smallest - for an unspecified amount of time, two industry sources familiar with the matter said.
Independent Chinese refiners, however, have enough supply on hand to weather near-term disruption from the Iran conflict, bolstered by recent record purchases of Iranian and Russian crude and robust government stockpiling, traders said.
China has also urged companies to suspend signing new contracts to export refined fuel, and to try to cancel shipments already committed, people familiar with the matter said.
INDIA
India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-barrel-per-day refinery due to oil shortage, sources said.
SOUTH KOREA
South Korean petrochemical company Yeochun NCC has cut its output and declared force majeure on its supply as it is unable to receive naphtha feedstock due to the Strait of Hormuz blockade, according to a source with knowledge of the matter and a company letter reviewed by Reuters.
SINGAPORE
Singaporean petrochemical firm PCS has declared force majeure on shipments as the Middle East war has disrupted maritime transportation and supply chains, according to a letter reviewed by Reuters and three people with knowledge of the matter.
INDONESIA
Indonesian petrochemical producer Chandra Asri TPIA.JK has declared force majeure on all contracts as the Middle East conflict has disrupted its raw material supply, it said in a statement reviewed by Reuters.
VIETNAM
Vietnam's Binh Son Refining and Petrochemical has asked the government to prioritize supplying domestically produced crude oil to its Dung Quat Refinery while limiting crude exports until at least the end of the third quarter this year to ensure national security, it said in a statement earlier this week.
(Reporting by Ruth Chai; Editing by Nivedita Bhattacharjee)
(([email protected];))
Recasts, add more details on crude inventory
By Mohi Narayan and Nidhi Verma
NEW DELHI, March 4 (Reuters) - India's Mangalore Refinery and Petrochemicals MRPL.NS has suspended fuel exports due to the Middle East conflict that has disrupted crude oil flows from the Gulf, two sources familiar with the matter said on Wednesday.
The company has declared force majeure on all upcoming gasoline export cargoes for March and April, two separate trade sources said.
MRPL had awarded two to three cargoes of gasoline via tenders for early March loading and is in discussions with buyers on settling those supplies, one of the traders said.
MRPL has agreements with some traders to receive crude cargoes and it also sells them refined fuel, the trader added.
The state-run refiner, which runs a 300,000-barrel-per-day refinery in the southern state of Karnataka, exports about 40% of its refined fuel output.
Gasoline, gasoil and jet fuel cargoes have been temporarily suspended as the refiner is struggling to get crude oil cargoes, one of the two sources familiar with the matter said, adding the refiner has crude inventories for about two weeks.
MRPL did not immediately respond to a Reuters email request for comment.
Shipping through the Strait of Hormuz between Iran and Oman, a conduit for about a fifth of oil consumed globally, has virtually stopped after Iranian attacks on vessels in the wake of U.S. and Israeli strikes that interrupted energy trade flows.
Indian refiners fill about 40% of their crude needs through purchases from the Middle East, in addition to sourcing from spot markets and processing domestic oil.
India is scouting for alternative sources for importing crude, liquefied petroleum gas and liquefied natural gas, a government source said on Tuesday.
India's crude inventories are sufficient to meet demand for about 25 days. Refiners also hold a 25-day inventory of gasoil, gasoline and liquefied petroleum gas, the government source added.
(Reporting by Mohi Narayan and Nidhi Verma; Editing by Tom Hogue, Christian Schmollinger, Clarence Fernandez and Jane Merriman)
Recasts, add more details on crude inventory
By Mohi Narayan and Nidhi Verma
NEW DELHI, March 4 (Reuters) - India's Mangalore Refinery and Petrochemicals MRPL.NS has suspended fuel exports due to the Middle East conflict that has disrupted crude oil flows from the Gulf, two sources familiar with the matter said on Wednesday.
The company has declared force majeure on all upcoming gasoline export cargoes for March and April, two separate trade sources said.
MRPL had awarded two to three cargoes of gasoline via tenders for early March loading and is in discussions with buyers on settling those supplies, one of the traders said.
MRPL has agreements with some traders to receive crude cargoes and it also sells them refined fuel, the trader added.
The state-run refiner, which runs a 300,000-barrel-per-day refinery in the southern state of Karnataka, exports about 40% of its refined fuel output.
Gasoline, gasoil and jet fuel cargoes have been temporarily suspended as the refiner is struggling to get crude oil cargoes, one of the two sources familiar with the matter said, adding the refiner has crude inventories for about two weeks.
MRPL did not immediately respond to a Reuters email request for comment.
Shipping through the Strait of Hormuz between Iran and Oman, a conduit for about a fifth of oil consumed globally, has virtually stopped after Iranian attacks on vessels in the wake of U.S. and Israeli strikes that interrupted energy trade flows.
Indian refiners fill about 40% of their crude needs through purchases from the Middle East, in addition to sourcing from spot markets and processing domestic oil.
India is scouting for alternative sources for importing crude, liquefied petroleum gas and liquefied natural gas, a government source said on Tuesday.
India's crude inventories are sufficient to meet demand for about 25 days. Refiners also hold a 25-day inventory of gasoil, gasoline and liquefied petroleum gas, the government source added.
(Reporting by Mohi Narayan and Nidhi Verma; Editing by Tom Hogue, Christian Schmollinger, Clarence Fernandez and Jane Merriman)
** Shares of oil explorers Oil and Natural Gas Corp Ltd ONGC.NS and Oil India OILI.NS fall as much as 2.6% and 5.3%, respectively, tracking fall in oil prices O/R
** Downstream firms like Indian Oil Corp IOC.NS and Hindustan Petroleum Corp HPCL.NS, which benefit from lower oil prices, are up 0.4% and 2.2%, respectively.
** Nifty Energy .NIFTYENR index is up 0.2% vs Nifty 50 .NSEI up 0.3%
** Trump said over the weekend Iran was "seriously talking" with Washington, signalling de-escalation with an OPEC member after risks of a military strike drove prices to multi-month highs
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
** Shares of oil explorers Oil and Natural Gas Corp Ltd ONGC.NS and Oil India OILI.NS fall as much as 2.6% and 5.3%, respectively, tracking fall in oil prices O/R
** Downstream firms like Indian Oil Corp IOC.NS and Hindustan Petroleum Corp HPCL.NS, which benefit from lower oil prices, are up 0.4% and 2.2%, respectively.
** Nifty Energy .NIFTYENR index is up 0.2% vs Nifty 50 .NSEI up 0.3%
** Trump said over the weekend Iran was "seriously talking" with Washington, signalling de-escalation with an OPEC member after risks of a military strike drove prices to multi-month highs
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
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Popular questions
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What does MRPL do?
Mangalore Refinery and Petrochemicals Limited (MRPL) is a Category 1 Miniratna Central Public Sector Enterprise in Karnataka, India. It specializes in crude oil refining with high flexibility and collaboration with ONGC Mangalore Petrochemicals Limited (OMPL).
Who are the competitors of MRPL?
MRPL major competitors are Chennai Petrol. Corp, HPCL, Bharat PetroleumCorp, Indian Oil Corpn., Reliance Industries. Market Cap of MRPL is ₹29,251 Crs. While the median market cap of its peers are ₹1,31,023 Crs.
Is MRPL financially stable compared to its competitors?
MRPL seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does MRPL pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. MRPL latest dividend payout ratio is 36.43% and 3yr average dividend payout ratio is 25.52%
How has MRPL allocated its funds?
Companies resources are allocated to majorly unproductive assets like Inventory
How strong is MRPL balance sheet?
Balance sheet of MRPL is strong. But short term working capital might become an issue for this company.
Is the profitablity of MRPL improving?
Yes, profit is increasing. The profit of MRPL is ₹3,103 Crs for TTM, ₹1,925 Crs for Mar 2026 and ₹56.2 Crs for Mar 2025.
Is the debt of MRPL increasing or decreasing?
Yes, The net debt of MRPL is increasing. Latest net debt of MRPL is ₹13,113 Crs as of Mar-26. This is greater than Mar-25 when it was ₹12,805 Crs.
Is MRPL stock expensive?
MRPL is not expensive. Latest PE of MRPL is 9.26, while 3 year average PE is 35.46. Also latest EV/EBITDA of MRPL is 5.81 while 3yr average is 7.8.
Has the share price of MRPL grown faster than its competition?
MRPL has given better returns compared to its competitors. MRPL has grown at ~7.38% over the last 10yrs while peers have grown at a median rate of 7.06%
Is the promoter bullish about MRPL?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in MRPL is 88.58% and last quarter promoter holding is 88.58%.
Are mutual funds buying/selling MRPL?
The mutual fund holding of MRPL is increasing. The current mutual fund holding in MRPL is 0.31% while previous quarter holding is 0.28%.