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2020-04-15 13:50:00

INDIA WILL BUY 19 MBL

INDIA WILL BUY 19 MBL

ENERDATA - 15 Apr 2020 - The government of India plans to move 19 mbl of oil into its strategic petroleum reserves (SPR) by the end of May 2020, filling them completely, in order to help the country's refineries reduce their excess crude. The SPR, which is an affiliate of India's Oil Industry Development Board, owns three storage sites in southern India with a capacity of 37 mbl, corresponding to 9.5 days of the country's oil consumption.

In March 2020, India's fuel consumption decreased by almost 18%, reducing the refiners' crude processing and raising crude oil stocks at refineries. Consequently, the government has allocated INR38bn (US$498m) to purchase cargoes for loading in April 2020 already bought by state-owned refiners Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and Mangalore Refinery and Petrochemicals (MRPL), which are unable to store the oil themselves.

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Earlier:

INDIA WILL BUY 19 MBL
2020, April, 9, 11:30:00
INDIA'S COAL IMPORTS DOWN
India's coal import in March stood at 15.74 million tonnes (MT), down 27.5 per cent over last year,
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Tags: INDIA