Page 148 - CW E-Magazine (27-2-2024)

Hydrocarbons

consumption experienced a slight de- for 2024 and the largest contributor cant increase in 2024, with more than
cline on the month, attributed to fl ight to growth. 200,000 b/d of growth over 2019.
cancellations and delays amid foggy
conditions in parts of the country. “Die- Gasoline demand also showed The total demand for jet fuel and
sel consumption rose 3.7% on the year, robust growth, reaching 853,000 b/d in kerosene in January was 192,000 b/d,
but fell on the month by 43,000 b/d as January from 823,000 b/d in December, slightly lower than the previous month,
dense fog in northern India hampered spurred by an increase in personal but up 7% year-on-year. Looking
mobility and affected construction mobility as people returned to work ahead, India’s oil demand is forecasted
and industrial activity,” said Ms. Himi and companies adopted hybrid work to grow by 203,000 b/d in 2024, with
Srivastava, Senior Analyst- South Asia models. “Gasoline demand growth is gasoil and gasoline being the major
Oil Markets at S&P Global Commodity expected to be robust in the fi rst quar- contributors to this growth, account-
Insights. ter, registering a growth of 65,000 b/d ing for 33% and 31.5% respectively.
over Q1 2023, well supported by strong The report underscores that India’s
Gasoil demand is anticipated vehicle sales,” the report said. oil demand is well-supported by solid
to remain high in the fi rst quarter, economic growth, focusing on indus-
expecting a year-on-year growth of India’s gasoline demand has trial and construction activities, and the
50,000 b/d. Diesel/gasoil is projected rebounded to above pre-COVID-19 anticipation of the upcoming general
to be the most consumed fuel in India levels and is expected to see a signifi - elections in 2024.
RISING TREND
India’s crude oil imports in January hit 20-month high

India imported 21.4-mt of crude oil Crude Analyst, said, “Indian buyers also expected to be high keeping in
in January 2024 – the highest in last have been having a mixed January view the situation in Middle East and
20 months – as refi ners topped up on when robust domestic demand and an Red Sea. Besides, imports are higher
cargoes to meet domestic consumption almost complete lack of refi nery turn- during the fi rst few months as refi ners
and take advantage of rising demand arounds have been sapped by panic stock up to meet domestic demand and
for refi ned products in export markets. buying as the Red Sea disruptions the export market.
complicated the country’s import
According to the Petroleum Planning options. With freight from the Atlantic Exports of refi ned petroleum pro-
and Analysis Cell (PPAC), India’s Janu- Basin being prohibitively expensive ducts rose 7.5% and 3.1% on an annual
ary 2024 imports were the highest since again, Indian refi ners needed to turn basis during January 2024 and April-
April 2022, when it bought 21.6-mt, towards options closer to home, leading January period of FY24, respectively.
more than 85% of its domestic require- to the highest ever Iraqi crude imports.” The increase in exports during April-
ment. Imports grew 8% month-on-month January were mainly due to increase in
from 19.8-mt, while on an annual basis According to market observers, im- outbound shipment of aviation turbine
the in-bound shipments grew roughly 6% ports of crude oil during February are fuel, vacuum gas oil and petrol.
from 20.4-mt, PPAC data showed.
L&T wins orders for hydrocarbon
India’s crude oil imports started
weakening from June 2023 in line with business
the monsoon, which impacted mobility
as well as industrial and mining activity. The Hydrocarbon vertical of Ground-Flare system and demolition of
The inbound shipments again started Larsen & Toubro (L&T), L&T Energy existing facilities, reducing fl ame and
accelerating from October 2023 on the Hydrocarbon (LTEH) has secured an smoke visibility to the nearby ongoing
back of the beginning of the festival onshore order and an offshore order from large scale residential developments.
season and a re-start of mining and a prestigious client in the Middle East.
construction activity. The offshore order involves mainly
The scope of work for the onshore brownfi eld work including upgradation
Imports set to remain high order comprises engineering, procure- of shutdown systems in existing off-
Mr. Viktor Katona, Kpler’s Lead ment, & construction of an Enclosed shore platforms.

148 Chemical Weekly February 27, 2024

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