Page 148 - CW E-Magazine (24-12-2024)
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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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