PW
Español

 

PW
Guyana
Surinam


PW
Trinidad

& Tobago
Caribbean

 

Prices
Graphics

 




Very usefull links



PW
Bookstore





Blogspots

The Global Barrel

Tiempo Culural

Gustavo Coronel

Iran Watch.org

Le Blog des
Energies Nouvelles

News Links

AP

AFP

Aljazeera

Dow Jones

Reuters

Bloomberg

Views and News
from
Norway

 

PW
Bookstore

 

 

 

India's refiner IOC buys Guyana's Liza crude

Argus

IOC is operating its 1.34mn b/d refineries at 88-90pc capacity.

By Sathya Narayanan /Argus

MUNBAI
Petroleumworld 07 02 2021

India's biggest state-controlled refiner IOC has bought Liza crude from Guyana as part of a move to expand its purchase options, its chairman said today.

"We have procured one Suezmax of Guyanese Liza crude and have also entered into a term contract for 3mn t of US crude for further diversification," said Shrikant Vaidya, adding that IOC is the first Indian state refiner to procure Guyanese crude.

Guyana's production is set to rise to 800,000 b/d over the next four years, with higher Liza output requiring continued diversification of outlets . IOC may buy more Liza crude if the economics work, while the company usually looks for new grades to increase the number of available crude procurement options, according to a source.

Shipping data from Vortexa shows that IOC has chartered the Militos to take a crude cargo from Guyana to Paradip, on India's east coast, in the coming days, but the size of the shipment could not be determined.

The company had issued two tenders in May, listing Liza as one of the eligible grades. The first cargo was set for 4-13 August delivery to the port of Vadinar on Indian west coast, while the second one was expected to be discharged at Paradip between 23 July-1 August.

Indian state-refiners have increased crude runs in anticipation that easing of lockdowns from lower new Covid-19 cases would boost domestic demand in the coming months. IOC is operating its 1.34mn b/d refineries at 88-90pc capacity.

The daily increase in new cases has declined from a record high of over 400,000 cases in early May to about 46,000 cases. But the country remains the second most infected region in the world with 30.4mn cases.

India is also the third biggest oil consumer and imports about 80pc of its crude from other countries.

_____________

By Sathya Narayanan from Argus Media

argusmedia.com
07 01 2021

TOP

Contact: editor@petroleumworld.com,


Editor & Publisher:Elio Ohep /
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2021, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2021, Petroleumworld   / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.