Page 148 - CW E-Magazine (24-12-2024)
P. 148
Hydrocarbons
TRADE TRENDS
India’s refi ned petroleum product exports move up
in October
India’s exports of petroleum pro- motor spirit (MS), export shipments
ducts rose on an annual basis aided by rose by a whopping 104.5 percent Y-o-Y
higher outbound shipments of petrol, and 9.1 percent M-o-M to 402,845-bpd
aviation turbine fuel (ATF) and fuel oil. during the same period, data from
Vortexa showed.
According to the Petroleum Plann-
ing & Analysis Cell (PPAC), exports On the other hand, jet fuel ship-
of refi ned products rose by 12.7 per- ments fell by 30.6 percent M-o-M to
cent Y-o-Y to 5.05-million tonnes (mt) due to increased gasoline, jet/kero, and 159,971-bpd in October. However,
provisionally. On a monthly basis, the fuel oil exports. “The export growth, cargoes were higher by 32.4 percent on
shipments were lower by 22.2 percent. when compared on a year-on-year an annual basis.
basis, seems high due to lower export
The exports of Petroleum, Oils and fi gures in October 2023; however, On the export scenario for diesel
Lubricants (POL) products increased by October 2024 exports are down slightly in Asia, Mr. Tang said diesel/gasoil
4.2 percent Y-o-Y during April-October from the average volumes in the fi rst exports to Asia have been rising since
in FY25 to 36.76-mt largely on account 9 months of the year,” he informed. August, reaching over 100,000-bpd in
of increase in outbound cargoes of pet- October. After hitting a six-month high in
coke, fuel oil, petrol and jet fuel. According to data from the energy September 2024, India’s diesel exports
intelligence fi rm, diesel exports rose by are expected to lose steam during the
Mr. Xavier Tang, Market Analyst 6.2 percent Y-o-Y to around 554,511 festival season impacted by weakening
at Vortexa, said India’s refi ned pro- barrels per day (bpd) in October 2024. price arbitrage in Europe amidst antici-
duct exports increased by 20 per cent However, on a monthly basis the ship- pation of higher domestic consumption
year-on-year in October 2024, mainly ments fell by 16.6 percent. Petrol, or during October to December 2024.
NEW ENERGY POLICY
Energy exploration policy aiming to attract private
and foreign investments
India is making signifi cant changes ment will have the authority to regulate tax was reviewed bi-weekly based on
to its energy exploration policy, aim- leases, conservation, and development oil prices.
ing to attract private and foreign in- of mineral oils, and manage royalties,
vestments. The Rajya Sabha recently fees, and taxes. According to Mr. Rajeev Lala,
passed a bill to amend the Oil Fields S&P Global Commodity Insights,
(Regulation and Development) Act of According to Mr. Rahul Chauhan, the tax was unhelpful for oil produ-
1948. This amendment expands the S&P Global Commodity Insights, these cers recovering from low prices.
scope to include shale oil, shale gas, changes aim to create a more inves- He suggested India should focus on
and coal bed methane, alongside tradi- tor-friendly environment and enhance expanding production to avoid
tional oil and gas. It also introduces global competitiveness. stranded assets in the future. India
changes like international arbitration imports over 80% of its crude oil
for disputes and longer lease periods. India has also abolished a wind- from regions like the Middle East,
The bill awaits approval from the fall tax on domestically produced Africa, and North America. The
Lok Sabha to become law. crude oil, which was imposed in July government is taking steps to boost
2022 to control private refi ners from domestic production and reduce
Once enacted, the Central Govern- exporting fuel for higher profi ts. This dependency on imports.
148 Chemical Weekly December 24, 2024
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