1.India's huge Crude Oil import Bill is one of the most delicate and important factors in the country's economy,as this adversely affects the macros like CAD,Fiscal Deficit etc.
2.THIS link mentions that Reliance Industries,Essar Oil,MRPL etc use Latin American Crude,especially,that from Venezuela.
The benchmark used is WTI and hence the price will be less by about $10/bbl,as on 31/1/2014.This will contribute a lot towards profit margins of these Cos.
3.Paradeep Refinery of IOC,may use Venezuelan Crude.This refinery is expected to be commissioned in June 2016[!].The dates "of commissioning",have got changed many times,the last one being March 2014!
4.Indian Refiners increase import of Crude from Latin America from 10 to 13%,in October 2013.
5.Latam Crude a bonanza for Indian PSU refiners.
6.IOC had started using Mexican Mayan Crude whose US FOB price,in November 2013, was US $ 86.87/bbl,as per THIS link.
When,the OMCs and private players complain about "losses","under-recoveries" etc,this point has to be highlighted.
6/3/2014:-
Canada's Husky Energy Inc has sold One Million Barrels of Crude to IOC,in the 4th Quarter of 2013/2014.More Crude from Canada for Indian Refineries is a possibility.
30/5/2014:-
US shale Oil boom makes Latum crude,cheaper,for RIL,which is also using,cheaper African one too.
7/2/15:-
IOC buys Latum crude and benefits by about $5/bbl.
Will be updated.............
2.THIS link mentions that Reliance Industries,Essar Oil,MRPL etc use Latin American Crude,especially,that from Venezuela.
The benchmark used is WTI and hence the price will be less by about $10/bbl,as on 31/1/2014.This will contribute a lot towards profit margins of these Cos.
3.Paradeep Refinery of IOC,may use Venezuelan Crude.This refinery is expected to be commissioned in June 2016[!].The dates "of commissioning",have got changed many times,the last one being March 2014!
4.Indian Refiners increase import of Crude from Latin America from 10 to 13%,in October 2013.
5.Latam Crude a bonanza for Indian PSU refiners.
6.IOC had started using Mexican Mayan Crude whose US FOB price,in November 2013, was US $ 86.87/bbl,as per THIS link.
When,the OMCs and private players complain about "losses","under-recoveries" etc,this point has to be highlighted.
6/3/2014:-
Canada's Husky Energy Inc has sold One Million Barrels of Crude to IOC,in the 4th Quarter of 2013/2014.More Crude from Canada for Indian Refineries is a possibility.
30/5/2014:-
US shale Oil boom makes Latum crude,cheaper,for RIL,which is also using,cheaper African one too.
7/2/15:-
IOC buys Latum crude and benefits by about $5/bbl.
Will be updated.............
