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- Current industry under-recovery run-rate is Rs80bn/month.
- Losses on petrol stand at Rs1.5/l, despite taking cumulative price increase of Rs8/l since June 2010. Petrol demand growth continues to be strong at 10%.
- Reimbursement of GoI share of under-recovery is expected by March 2011, sharply increasing OMC borrowings and interest expenses.
- The company does not expect another increase in LPG price in the near future.
- GRM for Mumbai and Kochi should improve QoQ in line with Singapore Complex; however, secondary processing in Kochi has not yet stabilised.
- Bina refinery has commenced trial production and is expected to achieve 100% utilisation in FY12
- Mozambique development plan likely to be expedited; recent discovery with Petrobras is promising.
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