IOC to boost crude imports as Paradip ramps up

摘要

Indian state-run refiner IOC, the country’s biggest refiner with 1.61mn b/d in capacity, will increase crude imports by around 18pc in fscal 2016-17 from a year earlier as its new 300,000 b/d Paradip refinery spurs additional demand. IOC will import 1.34mn b/d in fscal 2016-17, which began on 1 April, compared with 1.14mn b/d a year earlier, mostly high sulphur crudes purchased on term contracts. IOC is increasing high sulphur crude imports this year because of Paradip’s commissioning. The refinery is equipped with a coker that allows it to process these grades, producing petroleum coke as a byproduct. It processed eight new crudes last fscal year, including grades from Latin America and Canada.