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With rise in crude prices and improvement in product cracks, under-recovery concerns are back. Under-recovery for diesel (contributing the maximum to overall burden) averaged INR 3.3/lt, a level not observed since the price hikes implemented by EGoM in June 2010. Recent statements made by MoPNG in the media also re-iterate our belief that diesel deregulation is unlikely in the near term.
Indian Simple GRMs surged 34.5% M-o-M, to 2.9 USD/bbl, due to improvement in products spread (especially for light distillates) while Indian Complex GRMs also improved during the month, increasing 6.9% M-o-M to USD 11.1/bbl.
Some major company events during the month:
ü Bharat Petro Resources (BPRL), a wholly owned subsidiary of Bharat Petroleum (BPCL), and its partners announced a gas discovery in the Lagosta well in offshore Mozambique, the consortium’s third gas discovery in the region
ü Petronet LNG (PLNG) board has given an in-principle sanction for expanding the capacity of Kochi Terminal from 2.5 MMT to 5 MMT at an incremental cost of INR 4.5 bn
ü Essar Oil (ESOIL) announced that it is going to further increase capacity of its Vadinar refinery to 20 mmtpa by September 2012 (currently undergoing expansion to 18 mmtpa from 14 mmtpa by June 2011)
ü Reliance Industries (RIL) restarted one of the crude distillation units (CDU) and coker at its Jamnagar refinery in Gujarat, which was shut down in the last week of October for carrying out regular maintenance work
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