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Sagar
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Discussion Starter #121

India raised diesel prices nearly 8% on Friday after months of delay, a politically unpopular move that will add to inflationary pressure but also eases the government's subsidy burden and could bolster its image among wary investors.

After a meeting that was delayed by about six hours, a government panel raised the price of diesel by Rs 3 per litre to around Rs 41 per litre. It also raised kerosene by Rs 2 per litre and LPG prices by Rs 50 per cylinder.

The increases, announced by Oil Minister S. Jaipal Reddy, were roughly in line with expectations.

"This is the only window they have for any cutting of subsidies. By the end of the year they will be in (state) election mode," political analyst Mahesh Rangarajan said.

Since it was first elected in 2004, the government of Prime Minister Manmohan Singh has more often than not refrained from pushing through tough reforms in favour of pleasing its predominantly rural voter base.
Persistently high inflation as well as its handling of a spate of corruption scandals has led to what many critics say is a state of policy paralysis in New Delhi.

With galloping spending and slowing growth, New Delhi faces the task of reassuring investors fretting over political and bureaucratic delays for major projects that it can run the economy and keep voter support.

Diesel is the most widely-used transport fuel in India and powers tractors and irrigation pumps for farmers in one of the world's biggest producers and consumers of grains and sugar.

"The inflationary implications of the diesel price hike are unavoidable. Broadly, with inflation currently at around 9%, the hike in prices should take the WPI (wholesale price index) into double digits again and keep it there for a while," said Rupa Rege Nitsure, chief economist at Bank of Baroda.
Since the government agreed in principle to lift fuel costs a year ago, international crude prices have soared 39%, swelling the money spent on subsidising fuel prices to a country with 500 million people living in poverty.
Petrol prices, which largely affect more affluent Indians, have gone up about 23% since they were freed a year ago.

Reddy, an advocate of price rises, told Reuters earlier on Friday the International Energy Agency's (IEA's) planned release of strategic stockpiles would give only temporary respite.
"We don't know whether this (softening in global prices) is a stable trend," he added.

J.P. Morgan has already cut its forecast for benchmark Brent oil for the third quarter to USD 100 a barrel from USD 130 but on Friday global crude prices paused from losses.

Adding to inflationary pressures
With inflation above 9% and domestic fuel costs up nearly 13% on the year, raising prices would immediately hit the fractious coalition's core voters among India's poor, who live on less than the cost of 2 litres of diesel a day.
The longer-term benefit to the country's finances would come from reducing massive spending on subsidies and cutting the USD 101 million a day in losses for state-run fuel retailers Indian Oil Corp , Bharat Petroleum Corp and Hindustan Petroleum Corp on sales of diesel, kerosene and cooking gas at state-set cheaper prices.
A three-rupee increase in the price of diesel would add 40-45 basis points to wholesale price inflation, according to Yes Bank .
Shares in Bharat Petroleum and Hindustan Petroleum rose 2.8% and 6.1 percent respectively in a market that ended 2.9% higher.
FINALLY! :cheers:
 

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Sagar
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Discussion Starter #122

Indian refiners processed 4.5% more crude in May from a year ago, the sixth consecutive monthly rise, but the pace of growth slowed from April, as output at private refineries dipped.

Domestic refiners processed about 1.44 million tonnes or 3.40 million barrels per day (bpd) oil in May, when combined crude throughput of private refineries was down 4.4% from a year ago, government data showed on Wednesday.

Reliance Industries, whose two refineries at Jamnagar in Gujarat account for about a third of India's refining capacity, does not report data for its 580,000 bpd export-focused plant to the government.
Output at Reliance's bigger 660,000 bpd plant fell an annual 5.7% during the month while that of Essar Oil's 280,000 bpd Vadinar refinery, also in Gujarat, declined 1.2% from a year ago.

The government statement did not specify any reason for the lower crude processing by private refiners.

Throughput of state refiners rose an annual 8.7% in May when global refining margins improved and Indian fuel demand rose an annual 5%.

For a table on India's refinery and crude oil output.

Crude processing by 120,000 bpd Bina refinery in central India, which came onstream earlier this year, has not so far been included in the data.

The country's crude oil output during the month rose 9.6%, slower then 11% growth in April, to 763,500 bpd due to low production from the country's biggest producer Mumbai High fields as a scheduled shutdown spilled over to May .

Indian, the world's fourth-biggest crude importer, produces only a fraction of its overall needs.

Natural gas output declined 9.6% to about 4.14 billion cubic metres in May from a year ago as output from the Reliance-operated D6 block in the east coast declined after touching about 60 million cubic metres per day.
 

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Sagar
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Discussion Starter #123

India's local oil product sales in May rose an annual 5%, the highest jump since January but still slower than economic growth, indicating industrial output is likely to slow in coming months.

Local oil product sales, a proxy for domestic oil demand in Asia's third-largest oil consumer, rose to 12.93 million tonne in May, the government data showed, driven by diesel sales as dealers topped up tanks expecting a price increase.

In April, India's oil product demand rose an annual 4.2%.
India finally raised diesel and kitchen fuel prices last week at a ministerial panel meeting which was initially expected to take place on May 11.

Diesel sales, which make up over a third of refined products consumption, quickened to an annual 10.9% rise in May, the highest gain in a year, as many factories and power plants switched to the cheaper and cleaner fuel, leading to a 23.1% decline in furnace oil consumption.

Gasoline sales in May rose an annual 8% versus 7.4% in April. But gasoline sales in June could ease reflecting moderating car sales, hardening interest rates and a price increase for the product.

While India should keep expanding at rates many nations would envy, Asia's third-largest economy faces a period of reduced growth and stubbornly high inflation.

India's industrial output growth slowed in April, the latest sign that the rising cost of credit and inflation are acting as brakes on the economy.

Indian state-run firms in mid-May raised petrol prices by about 8.6% or Rs 5 a litre.

India's crude imports rose 1.8% to 13.63 million tonne or about 3.22 million barrels per day (bpd) in May.

The data for May includes estimated imports and exports for Reliance Industries's export-focused 580,000 bpd refinery at Jamnagar, in western India.

Diesel exports rose 29.1% in May, while petrol exports were up 13.1% from a year ago.

Oil products imports declined 38.6% while exports rose 30.5% from a year ago.
 

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Sagar
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Discussion Starter #124

South Korea's largest industrial plant builder Samsung Engineering Co today won a USD 230 million order to build a petrochemical plant in Western India, reports said.

Under the deal with ONGC Petro-additions Ltd -- a unit of India's state-run Oil & Natural Gas Corporation (ONGC) -- Samsung Engineering will complete the plant with an annual production capacity of 340,000 tonnes of high-density polyethylene (HDPE) by July, 2013, a Yonhap report said quoting the company.

HDPE is a raw material used for industrial film, pipes and paints.

The plant will be built at the special economic zone in Dahej, Gujarat.

The order, which is the eighth deal that Samsung Engineering has won in India as per the South Korean agency's report, came at a time when company is set to complete an ethylene plant in the same region in December next year.
 

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Sagar
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Discussion Starter #125

State-run Oil and Natural Gas Corporation (ONGC) is all set to start production of natural gas and oil from its offshore blocks, G1 and GS15, in the KG basin by month end and is awaiting a nod from the PMO for formal inauguration, sources said.

As this is the first offshore block of the PSU in the Krishna-Godavari basin being put into production, it is apt for Prime Minister to inaugurate the facility, a senior official, who did not want to be quoted, said.

"As the first offshore block of the country, Mumbai High in the West Coast was inaugurated by then PM Indira Gandhi, we want the present PM Manmohan Singh to inaugurate the East Coast offshore field," the official said.
With the new facility, the initial production of gas is set to touch two million standard cubic meters (SCM) and that of associated oil to 9,400 barrels per day, sources said.

The oil and natural gas major, which has 24 blocks in the basin, currently produces 840 tonnes of oil per day and 3.8 MMSCD of gas from its onshore blocks.

While, the G1 is located 28 kms off Amalapuram coast in water depths ranging from 135 to 500 meters, the GS 15, in shallow waters, is located at 5 kms from the coast in KGbasin.


The project is almost five years behind schedule with the cost overruns following delay on part of the Australian contractor Clough Engineering who eventually quit the project.

The production of the gas was originally scheduled to start from the integrated field way back in April 2006, at an estimated cost of Rs 1,200 crore.

Leighton India had been awarded a $17 million contract for completion of the offshore installations.

Since these blocks were allotted on nomination basis, ONGC gets 60% of the international price for oil and $4.2 per BTU for gas.
 

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Discussion Starter #126

BP, Europe's second-largest oil company, is hoping to help Reliance Industries (RIL) find more oil and gas and boost output at the showpiece KG-D6 fields after its $7.2 billion deal, the nation's largest foreign direct investment ever, is cleared by the government.

BP plans to buy 30% stake in 23 oil and gas blocks of RIL, including the eastern offshore Krishna Godavari basin KG-D6 fields in a $7.2 billion deal.

"We believe this partnership will combine BP's world-class deepwater exploration and development capabilities with RIL's project management and operations expertise to help India in its quest for energy security," a BP official said.

RIL had on February 25 made application seeking nod to transfer stake to BP but is still awaiting approval.

"We have submitted the application to take a 30% participating interest in 23 blocks of Reliance in late February and are awaiting Government of India's approval," he said.

RIL has seen output at KG-D6 fall from 61.5 million standard cubic meters per day achieved in March 2010 to less than 48 mmscmd currently due to reservoir problems. It is pinning hopes on BP for reviving sagging output which according to plans should have touched 69 mmscmd by now.

"Through this investment we are looking to partner with RIL and more importantly India in exploration and development in order to provide gas for developing a gas based economy," the BP official said. "The value enhancement will come through the new discoveries and enhanced development of discovered volumes in an efficient manner."

The deal, which also includes RIL and BP setting up an equal joint venture for sourcing and marketing of gas, would give "BP a material and immediate footprint in one of the fastest growing gas markets in the world - India."

Home Ministry on June 1 gave its security clearance to the RIL-BP deal but an approval from the oil ministry was still awaited. There is talk that the ministry may refer the deal to the Cabinet Committee on Economic Affairs, further detailing the approval.

"This alliance allows BP to bring its deepwater experience and knowhow - evolved over many years of working in basins and geology across the world, including robust exploration and development practices," he added.

RIL is the operator in all the 23 blocks, while Canadian Niko Resources and UK's Hardy Oil have minority 10% interest in a few. After the deal, Reliance' holding in the blocks will come down to 60-70%. Nineteen out of 23 blocks lie off the East Coast, while two blocks are onland, in Assam and Gujarat.
 

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Sagar
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Discussion Starter #127

ONGC’s return on investment becomes positive after govt makes Barmer block royalty cost-recoverable.

The government’s income from Cairn India’s Barmer field is estimated to fall 9 per cent to Rs 52,757 crore after the royalty from the block is made cost-recoverable.

This is one of the conditions the government has put to clear Vedanta Resources’ deal to buy a majority stake in Cairn India.
The government’s income from a gas/oil block is known as profit petroleum. “The government’s share of profit petroleum is estimated to fall by about Rs 5,000 crore if the royalty is made cost-recoverable,” said a senior government official.

He, however, added that if the entire royalty was paid by ONGC, Cairn’s partner in the Barmer block, the government would have had to reimburse the full amount, incurring an expenditure of Rs 12,600 crore. “In a way, this is a saving for the government,” he said.

While making a case for approval to the deal, Cairn had time and again impressed upon the government that making the royalty payment cost-recoverable would hit it hard as the amount went to the state government. The Centre got its share in the form of profit petroleum.

While ONGC, as a licensee, was obliged to bear the full royalty burden, the accounting procedure in the production sharing contract said the royalty paid by ONGC was cost-recoverable from the common pool of revenue before profit petroleum was calculated. The issue surfaced after Cairn Energy announced the sale of a majority stake in Cairn India to Vedanta Resources.

ONGC insisted that the royalty should be treated as cost-recoverable. In line with ONGC’s suggestion, the government has given conditional clearance to the deal, but has decided that the royalty will be treated as cost-recoverable.

If Cairn and Vedanta accept this condition, ONGC will continue to pay 100 per cent royalty despite holding a mere 30 per cent stake in the block, but will be able to cost-recover the amount. ONGC’s return on Barmer investment would have been negative if it was to bear the full royalty burden. Since royalty has been made cost-recoverable, the net present value of ONGC’s investment in the project has become positive. The royalty is 16.67 per cent, assuming the crude oil price of $70 per barrel. Over the full life cycle of the block, the amount is estimated to be Rs 18,000 crore.

Barmer is the largest onshore oil block in the country. Crude oil production from Mangala, the main field in Barmer, started in August 2009. The field produces 125,000 barrels crude oil per day and is expected to produce 175,000 barrels at its peak.
 

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Sagar
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Discussion Starter #128

More than six months after a RBI order threw out a mechanism to pay for Iranian oil, Oil Minister S Jaipal Reddy today said India is trying to ensure uninterrupted supplies of crude from the Persian Gulf nation.

"There is a problem (about payments through an alternate mechanism)," Reddy told reporters here. "We are sorting it out. We are optimistic about finding a solution and ensuring uninterrupted supplies."

Iran's Fars news agency had on Sunday quoted National Iranian Oil Co (NIOC) Managing Director Ahmad Ghalebani as saying that Tehran had "seriously warned the Indian side of the possibility to halt oil exports if a solution is not found to clear its arrears".

NIOC had on June 27 written to refiners like Mangalore Refinery and Petrochemicals and Essar Oil, who are the principal buyers of Iranian crude, demanding that a mechanism be put in place to pay for its oil supplies, failing which supplies will be stopped from August.

Reddy said alternate to a scrapped long-standing mechanism to payments for import from the Persian Gulf nation using a clearing house system run by regional central banks, was in the process of being worked out. He did not elaborate.

Officials in his ministry said alternate mechanism was "days away" from finalisation. The payments will be in Euro but needed approval of the finance ministry.

Iran is, however, unlikely to carry out the threat of stopping supplies to India as the UN sanctioned regime led by President Mahmoud Ahmadinejad can ill-afford to lose its second-biggest crude buyer after China, accounting for about 20 per cent of its exports.

Without India, Iran will be left with just China and Korea as buyers, officials said.

Iran is supplying some 400,000 barrels per day (bpd) of crude to India on credit since late December 2010 when RBI scrapped the Asian Clearing Union (ACU).

Outstanding payments have now topped $6 billion. Iran is India's second largest oil supplier, accounting for 12% of its needs.

Officials said the only option left with India was to pay in its own currency, rupee.

Korea and China use their own currency to pay for Iranian imports. Iran buys cars and several other commodities, including heavy equipment, from the two nations from the payments it earns from oil sales, leaving almost nothing by way of actual currency transfer.

MRPL, a unit of state explorer Oil and Natural Gas Corp, is the largest buyer of Iranian crude at 142,000 bpd. Essar imports 110,000 bpd, state-owned Hindustan Petroleum Corp Ltd 65,000 bpd and Indian Oil Corp 50,000 bpd.
 

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Sagar
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Discussion Starter #129

AGARTALA: The state-owned Oil and Natural Gas Corp (ONGC) on Saturday said it had intensified efforts to implement the ambitious Rs.2,400 crore project to replace and revamp ageing installations in Assam.

The project, launched in 2009, includes removal of surface bottlenecking and utilisation of technologies and equipment of international standards, besides drilling of high-tech wells to increase production.

"Several wells were abandoned many years back in different parts of Assam,"ONGC chairman and managing director A.K. Hazarika told reporters.

"ONGC has tied up with (state-owned) Nuclear Power Corp (of India Ltd) (NPCIL) to explore possibilities of uranium exploration and extend necessary assistance to set up nuclear power projects in India."

Hazarika said a pilot project would be undertaken for uranium exploration in the Krishna-Godavari basin.

India, with 0.8 percent of the world's uranium reserves, will need 78,000 tonnes to generate 20,000 MW of electricity through nuclear power by 2020.

Hazarika, accompanied by chiefs ofBharat Heavy Electricals Ltd (BHEL)) and Power Grid Corp India Ltd, is on a two-day visit to Tripura to review the progress of the giant Palatana power project.

The ONGC, for the first time, has been commissioning commercial power project in India with a generation capacity of 726 MW in Palatana, 60 km south of here.

The Fortune 500 company has formed ONGC Tripura Power Co Ltd (OTPC) to set up the Rs.9,000-crore project, the largest thermal power plant in the northeast.

"Due to monsoon related transportation hiccups, the project would start electricity generation in February 2012 instead of December this year. The second unit would begin to produce power in August 2012," Hazrika said.
 

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Sagar
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Discussion Starter #130

State-run Oil and Natural Gas Corporation (ONGC) plans to invest about Rs 26,000 crore in putting 50 onshore and offshore fields on production, 49 through in-house efforts and one through service contract.

ONGC’s efforts to monestise these fields stems from two things — a burgeoning demand for natural gas and the absence of any significant onland gas find. “For some time, we have not discovered any giant field on land. Our efforts are on to find big ones, but except for Cairn India’s Rajasthan field, no other company has been able to discover any big find,” ONGC Chairman A K Hazarika had told Business Standard.

The company, which accounts for 79 per cent of India’s crude oil and 54 per cent of natural gas production, said it had taken a strategic decision to improve production by early development and monetisation of new and marginal fields. “The recent oil price rise has given a new dimension to field development economics and many of the discovered fields which were considered to be unviable are no longer marginal,” the company said in an emailed statement.

The price rise helps the company to cut down the burden of subsidy on it. Being a gas and oil producing company, it shares the burden of oil marketing companies by giving them discount on crude oil produced by ONGC. Better returns on crude oil makes it profitable for ONGC to produce from marginal fields that have small reserves which are otherwise unviable to put into production. The marginal fields are discovered fields but are considered uneconomical for development at one point of time under fiscal, technology or regulatory regime.

Out of a total 165 fields, ONGC has surrendered one field. Fifty fields have been monetised; 84 are under monetisation and 30 under exploration/appraisal/delineation.

“Since about 84 per cent of total ultimate reserves of marginal fields is locked in offshore, ONGC has taken initiatives for development of offshore marginal fields on priority. As a result, seven fields (D-1, SB-11, Vasai East, C-22, C-24, B-134, and GS-15) are already put on production and 10 fields (D-1P, B-22, B-193, B-46, NorthTapti, Cluster-7, WO-16, SB-14, BHE, and G-1 and GS-15) development schemes covering 30 offshore fields are under implementation,” ONGC added.

These fields will be put on production by 2013-14 and will contribute significantly to enhance production. The company would be investing about Rs 26,000 crore in the same.

In addition, ONGC is developing 10 onshore fields through service contract and another 20 fields (13 onshore + seven offshore: KD, B-174, B-51, SD-4, SD-14, D-12 and D-31) have been identified for development through outsourcing. Cumulative production from the offshore marginal fields comprising 13 clusters and 37 fields will be 45 million tonnes of oil and condensate and 64 billion cubic meters of gas over a period of 10-15 years.

ONGC has so far produced about 12 million tonnes of oil and oil equivalent from marginal fields till March 31, 2011. About 2.4 million tonnes of oil and oil equivalent was produced during 2010 -2011.

The company is also studying the progress of Daman fields comprising of C-23, C-26, B-12 and C-24.
 

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Sagar
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Discussion Starter #131

Indian refiners processed 4.7% more crude in June from a year ago, the seventh consecutive monthly rise, with the pace of growth picking up slightly from May on improved output from private refineries.

Domestic refiners processed 3.454 million barrels per day (bpd) of crude oil in June, when combined crude throughput of private refineries was down an annual 0.8% versus a dip of 4.4% in May, government data showed on Monday.

Reliance Industries, whose two refineries at Jamnagar in western Gujarat state account for about a third of India's refining capacity, does not report data for its 580,000 bpd export-focused plant to the government.
Output at Reliance's bigger 660,000 bpd plant fell an annual 1.5% during the month while that of Essar Oil's 280,000 bpd Vadinar refinery, also in Gujarat, turned positive compared with May and inched up 0.8% from a year ago.

The government statement did not specify any reason for the lower crude processing by private refiners.

Throughput of state refiners rose an annual 7.1% in June when global refining margins weakened and a hydrocracker unit was shut at Indian Oil Corp's biggest 300,000 bpd Panipat plant.

Crude processing by 120,000 bpd Bina refinery in central India, which came onstream earlier this year, has not so far been included in the data.

The country's crude oil output during the month rose 7.7%, dragging from May's 9.6% growth, to about 773,500 bpd due to low production from the country's biggest producer Mumbai High fields.

India, the world's fourth-biggest crude importer, produces only a fraction of its overall needs.

Natural gas output declined 11.7% to about 3.97 billion cubic metres in June from a year ago as output from the Reliance-operated D6 block in the east coast declined after touching about 60 million cubic metres per day.
 

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^^
WikiPedia lists India at the 24th position with 878,700 barrels per day . The last updated statistics is as of 2009!! if this isn't EXPORT oriented statistics (ie - the oil that is extra after domestic consumption - something almost negligible in India's case) but overall output- then I feel the wiki should be updated as per 2011 statistics putting india in the Top 8 producers?

http://en.wikipedia.org/wiki/List_of_countries_by_oil_production

(India is as of 2009)
 

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The Wiki list is for Oil production and this is for Oil refining capacity .. both are quite different .. most of the refining capacity is from imported oil .. like we import petroleum oil from iran and then sell Diesel and Petrol to them as they do not have enough refining capacity !!
 

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The Wiki list is for Oil production and this is for Oil refining capacity .. both are quite different .. most of the refining capacity is from imported oil .. like we import petroleum oil from iran and then sell Diesel and Petrol to them as they do not have enough refining capacity !!
Interesting - I thought that its the crude oil FROM our Mumbai High, Cairn Rajasthan and the KG Basin Oil that was refined at these refineries.

So basically - this refined amount in the wiki = Refined output from ALL the crude imported+Crude produced domestically?
 

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Wiki does not have a list on refining capacity , only on production capacity .. so the news that SSCaddict posted which says "Domestic refiners processed 3.454 million barrels per day (bpd) of crude oil in June" is India's total refining capacity that includes domestic production of 870,000 barrels that wiki says + around 2.7 million barrels of imported oil !!

I hope its clear now .. If there was a list on refining capacity the US would be way on the top followed by china, japan , India etc. !! I cannot find a list by refining capacity though !!
 

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Sagar
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Discussion Starter #136
you are right jaadu. Most of our refiners import oil and refine here and then sell in domestic markets. And some like RIL,Essar oil export the imported oil after refining it since there is subsidy on diesel,LPG etc.
 

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Discussion Starter #137
last para will make it more clear.

Local oil product sales in June nudged up an annual 1.9%, its slowest pace since November, on sluggish demand for auto fuels as better monsoon and price increase crimped demand, indicating industrial output is likely to slow in coming months.

Local oil product sales, a proxy for domestic oil demand in Asia's third-largest oil consumer, rose to 12.10 million tonnes in June, the government data showed.

In May, fuel demand rose an annual 5%, the highest jump since January.
The International Energy Agency in its latest report had said India's fuel demand may rise 3.8% in 2012 led by diesel and gasoline.

In June 2010, local gasoline demand rose 12.7% and that of diesel was up 7.1%, as dealers topped up tanks ahead of a fuel price hike, when India also freed up gasoline pricing from government controls.

India raised diesel and kitchen fuel prices last month as well, but high base of last year diluted the inventory build up with dealers, an Indian Oil Corp official said.

Growth in diesel sales, which make up over a third of refined products consumption, slowed sharply to an annual 2.9% in June versus 10.9% rise in May, as better monsoon reduced demand from farm and construction sectors.

India may use around 5.2% more diesel in 2011 and about the same in 2012, a Reuters survey shows, a little more than half the rate of expected economic growth.

Gasoline sales last month grew an annual 0.5% versus 8% in May, reflecting moderating car sales that clocked slowest pace of growth in June since March 2009.

State-run firms in mid-May raised petrol prices by about 8.6% or Rs 5 a litre.

While India should keep expanding at rates many nations would envy, Asia's third-largest economy faces a period of reduced growth and stubbornly high inflation.

The Reserve Bank of India (RBI) raised interest rates by a higher-than-expected 50 basis points on Tuesday, stepping up its fight against persistently high inflation despite slowing growth.

Industrial output grew at its weakest pace in nine months in May, the latest sign that the rising cost of credit and inflation are acting as brakes on the economy.

Crude imports rose about 9.2% to 13.67 million tonnes or about 3.34 million barrels per day (bpd) in June.

The data for June includes estimated imports and exports for Reliance Industries's export-focused 580,000 bpd refinery at Jamnagar, in western India.

Diesel exports declined 7.9% in June while petrol exports were up 15.26% from a year ago.

Oil products imports rose 35.21%, while exports rose 10.73% from a year ago.
 

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^^ Thanks Jaadu & SSC - this makes much more sense - and makes it all the more depressing considering the enormous burden we face in the light of the Oil import bills we're footing!! This is a mind-boggling figure (small article but seeing our growth - this may not be far fetched considering we're around $106 billion this year alone:

India's FY12 oil import bill seen between $120-$130 bln-secretary

DELHI, July 8 (Reuters) - India's oil import bill is seen between $120 billion and $130 billion in the current fiscal year, Trade Secretary Rahul Khullar said on Friday.

(Reporting by Abhijit Neogy; editing by Malini Menon) Keywords: INDIA OIL/IMPORT
Source : http://www.xe.com/news/2011-07-08%2003:47:00.0/2015629.htm?c=1&t=
 

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Discussion Starter #139
yes but the refined products exports reduces some of the burden :)
 
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