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Complex and Singapore refining margins surged 4.3% and 29.5% M-o-M, respectively, during January 2011 despite dip in simple refining margins. Jet/kerosene and diesel cracks improved 21.6% and 20.3% M-o-M, respectively. While gasoline cracks also rose 6.6% M-o-M, naphtha spreads dipped 33.2% M-o-M. Under recovery for diesel averaged INR 6.8/lt against INR 5.1/lt in December. Under recoveries for LPG averaged at INR 330/cylinder (+14.8% M-o-M) and for kerosene at INR 19.1/lt for January.
Some major company events/news during the month:
ü ONGC discovered shale gas in RNSG-1 well near Durgapur in West Bengal.
ü Finance ministry approved INR 80 bn cash subsidy to OMCs for losses incurred during Q3FY11.
ü RIL’s gas production from KG D-6 dropped to 51-52 mmscmd during first half of January 2011.
ü OMCs increased price of petrol by INR 2.53-2.54/ litre to align it with the prevailing international price.
ü IGL increased hiked prices of CNG to INR 29.0/kg (INR 1.25/kg increase) and PNG to INR 18.95/scm (INR 2.1/scm increase).
ü GAIL placed orders worth INR 17.7 bn with Japanese LNG seller, Marubeni, for 12 cargoes to be imported over the next three years.
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