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8 years ago
UPDATE 1-HPCL may not export fuel oil in 2009/10 - co source
July 29, 2009 / 1:32 PM / 8 years ago

UPDATE 1-HPCL may not export fuel oil in 2009/10 - co source

* Weaker monsoon boosted oil product demand

* HPCL maximising gasoline output at Mumbai plant

* HPCL steps up bitumen production, cut fuel oil (Adds details)

NEW DELHI, July 29 (Reuters) - State-run Hindustan Petroleum Corp (HPCL.BO) may not export fuel oil in the current fiscal year ending March as weaker monsoon has spurred demand for bitumen from construction sector, a company official said on Wednesday.

"Normally we export fuel oil in monsoon. But we have not done anything so far," the official, who declined to be named, told reporters, adding that if the monsoons continued to elude, the company would not export fuel oil "because there is no lull in construction".

"So far demand for oil products is good because of weaker monsoon," he said. "Bitumen is in full swing."

Last year, HPCL exported about 200,000 tonnes of fuel oil, he said. HPCL runs a 110,000 barrels per day (bpd) refinery in Mumbai and a 150,000 bpd plant at Vizag on the east coast.

The official said due to higher availability of domestic gas, HPCL aims to export one million tonnes of naphtha this fiscal year, compared with 800,000 tonnes shipped out in last year.

"We hope to export one million tonnes of naphtha mainly from Vizag. At Mumbai we are maximising gasoline production. Last year NFCL (Nagarjuna Fertilizers and Chemicals) and RCF (Rashtriya Chemicals and Fertilisers Ltd) were taking naphtha from us," he said. (Reporting by Nidhi Verma; Editing by Himani Sarkar)

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