India’s Top Oil Refiner Back At Full Capacity For First Time Since COVID-19

India’s gas demand has been recovering from the lows seen in April with a gradual choose up within the industrial and financial exercise after the lockdown was eased.

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Reuters
| Published: 12-Dec-20 01:59 PM IST

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Local gas demand in India has nearly reached pre-COVID ranges

Indian Oil Corp, the nation’s high refiner, operated of its 9 crops in November at 100% capability for the primary time since February, to fulfill rising native gas demand, it mentioned in a press release on Thursday. IOC beforehand operated its directly-owned crops at full capability forward of a nationwide lockdown enforced from late March to fight the COVID-19 pandemic. India’s gas demand has been recovering from the lows seen in April with a gradual choose up within the industrial and financial exercise after the lockdown was eased.

Along with its subsidiary Chennai Petroleum Corp, IOC controls a couple of third of the 5 million barrels per day refining capability in India, the place gas demand in October rose by 2.5%, its first year-on-year rise in eight months.

Local gas demand – a proxy for oil consumption – in India has nearly reached pre-COVID ranges, IOC mentioned.

The refiner operated its crops at about 88% in October and at 99% in November final 12 months, it mentioned.

“As we get closer to the COVID-19 vaccine roll-out, the fundamentals of the economy being strong, we see a rapid V-shaped recovery in the overall consumption of petroleum products,” mentioned S.M. Vaidya, chairman of IOC.

“All our project sites too are witnessing a revival in terms of construction activities,” he mentioned.

IOC, additionally the nation’s largest gas retailer, in November bought 1.06 million tonnes of gasoline, 4% increased than identical month final 12 months, and gross sales of cooking fuel rose by about 1.4% to 1.09 million tonnes.

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However, the corporate’s diesel gross sales final month had been 9% decrease that earlier 12 months, whereas jet gas was down by about 45% as air journey restrictions continued. Sales of diesel and jet gas in November rose by 2% and 4% from October.

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