NEW DELHI, Sept 14 (Reuters) - Indian refiners are preparing
to cut daily Iranian crude oil imports nearly in half in
September and October compared with the daily imports for
April-August, according to data gathered by Reuters from
industry and trade sources.
Even with the reductions for this month and next, India
refiners will still import about 73 percent of their annual
fixed term 2018/19 volumes before the United States reimposes
sanctions on Tehran's oil sector in early November.
The table below shows the 2018/19 term contracts and
estimated lifting by Indian refiners in April-Aug 2018. The
likely volumes for September and October are converted from
barrel to tonnes using a conversion factor of 7.3.
Volumes are in million tonnes.
2018/19 2018 % Chg 2018 2018 TOTAL % Chg
Company Fixed Option Apr-A Apr-Aug Sep Oct* Apr-O Apr-Oct
ug vs fixed ct vs fixed
MRPL 5.5 1.0 2.79 50.6 0.41 0.41 3.61 65.6
IOC 6.0 1.0 3.01 50.2 0.82 0.82 4.66 77.6
CPCL 1.0 1.0 0.43 43.1 -- 0.14 0.57 57.4
NAYARA 6.0 -- 3.19 53.2 0.14 0.14 3.48 58.0
BPCL 2.3 2.0 3.06 136 0.14 -- 3.2 142.3
HPCL@ 1.0 1.0 0.32 32.1 -- -- 0.32 32.1
TOTAL 21.8 6.0 12.80 58.9 1.52 1.52 15.84 72.8
RIL^ -- -- 0.84 -- -- -- 0.84 --
HMEL^ -- -- 0.15 -- -- -- 0.15 --
TOTAL 21.8 13.79 63.4 1.52 1.52 16.82 77.3
ALL
Note: The total may not tally as numbers in tonnes have been
rounded off
* Companies have placed nominations for Oct with National
Iran Oil Company
^ Reliance and HMEL did not sign term deal with Iran for
2018/19
@ HPCL has decided to stop buying Iran oil in Sept-Oct due
to insurance problems
Refiners:
IOC - Indian Oil Corp
MRPL - Mangalore Refinery and Petrochemicals Ltd
BPCL - Bharat Petroleum Corp Ltd
CPCL - Chennai Petroleum Corp Ltd
HPCL - Hindustan Petroleum Corp Ltd
RIL - Reliance Industries Ltd
HMEL - HPCL-Mittal Energy Ltd
(Reporting by Nidhi Verma; Editing by Tom Hogue)
