Page 149 - CW E-Magazine (28-5-2024)

Hydrocarbons

ENERGY TRENDS
April crude oil imports rise to 21.4-mt

India’s imports of in April 2024
rose to 21.4-mt, its third highest level
on record, as refi ners topped up on sup-
plies to meet the domestic demand for
auto fuels and export opportunities in
the northern hemisphere ahead of the
summer travel season.

Imports of crude oil grew 3%
month-on-month and 7% year-on-year,
according to data from Petroleum Plan-
ning & Analysis Cell (PPAC).

Russia’s share in total imports rose
to 40% from roughly 30% in March
2024.

According to energy intelligence Fig. 1: Production and consumption of petroleum products (mt)
fi rm Vortexa, India imported more sector refi neries –Indian Oil Corpora- raged at $89.46 a barrel in April, up
than 1.72 mb/d crude oil from Russia tion (IOC), Bharat Petroleum Corpora- from $84.49 in March 2024 and $83.76
in April, the highest amount in the tion Ltd. (BPCL) and Hindustan Petro- in April 2023. Consequently, India’s
last nine months. Private refiners, leum Corporation (HPCL) – imported net oil (and gas) import bill rose from
Reliance Industries Ltd. (RIL) and 1.02-mpbd, a seven-month high. $10.1-bn in April 2023 to $12.3-bn in
Rosneft-backed Nayara Energy, imported April 2024. Crude oil imports consti-
around 0.77-mbpd from Russia in April Higher import bill tuted $13-bn, LNG imports $1.1-bn and
2024, the highest in a year, while public The Indian basket crude price ave- exports were $3.7-bn in April.

GAIL and CoolCo sign deal for newly built

LNG carrier

GAIL said that it has entered into
a 14-year ‘time charter party’ with
Cool Company, a pure play liquefied
natural gas (LNG) shipping company,
for a new carrier as the state-run
aims to expand its carrier fleet.

The time charter for the LNG car-
rier will commence in early 2025 and
GAIL will have the option to extend
it by two additional years beyond the
fi rm 14-year period, the country’s larg-
est gas utility said. GAIL presently has ping & International LNG) Mr. S. Bai- part of its ambitious plans for meeting
four LNG carriers in its fl eet. GAIL’s ragi said, “GAIL is looking forward to the large and growing demand for natu-
Executive Director (Marketing – Ship- taking delivery of the LNG carrier as ral gas in India.”

Chemical Weekly May 28, 2024 149

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