MRPL
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NEW DELHI, Oct 5 (Reuters) - India's state-run Mangalore Refinery and Petrochemicals Ltd MRPL.NS has issued tenders to export diesel and jet fuel, according to documents reviewed by Reuters.
The refiner recently cancelled fuel export tenders following a fire at one of its processing units.
MRPL is offering two cargoes of diesel — one of 40,000 metric tons and the other 65,000 tons — for lifting from October 28 and 29, the tender shows.
It is also offering to export 40,000 tons of jet fuel for loading from October 29 to 30, the tender shows.
Both tenders are closing on October 7 with same-day validity.
Oil companies typically do not comment on tenders.
(Reporting by Nidhi Verma; Editing by Joe Bavier)
(([email protected]; X: @nidhi712;))
NEW DELHI, Oct 5 (Reuters) - India's state-run Mangalore Refinery and Petrochemicals Ltd MRPL.NS has issued tenders to export diesel and jet fuel, according to documents reviewed by Reuters.
The refiner recently cancelled fuel export tenders following a fire at one of its processing units.
MRPL is offering two cargoes of diesel — one of 40,000 metric tons and the other 65,000 tons — for lifting from October 28 and 29, the tender shows.
It is also offering to export 40,000 tons of jet fuel for loading from October 29 to 30, the tender shows.
Both tenders are closing on October 7 with same-day validity.
Oil companies typically do not comment on tenders.
(Reporting by Nidhi Verma; Editing by Joe Bavier)
(([email protected]; X: @nidhi712;))
Repeats story with no changes to text
By Mohi Narayan
NEW DELHI, Oct 1 (Reuters) - Asia's gasoline margin rose to a record high on Thursday as various outages at regional refineries and reports that Chinese refiners have halted fuel exports for October tightened the supply outlook, traders said.
The refining profit, or crack, GL92-SIN-CRK for gasoline rose to $50.53 per barrel over Brent crude.
Chinese refiners have suspended oil product exports for October, four people briefed on the matter said, as Beijing looks to preserve domestic stocks, a move that will further crimp war-constrained fuel markets.
"Brent futures rolled onto next month’s contract yesterday, with an associated drop in crude price. This would have contributed to the widening crack, which also was supported by news of China reducing its product exports, so tightening the Asian market," said Alan Gelder, senior vice president, refining, chemicals and oil markets at consultancy Wood Mackenzie.
The price for benchmark-grade fuel jumped to $150.69 per barrel, the highest level since March this year. GL92-SIN
"Inventories are low and there are refinery outages too, pushing up prices," a Singapore-based gasoline trader said.
India's state-run Mangalore Refinery and Petrochemicals Ltd (MRPL) MRPL.NS on Wednesday cancelled three spot export tenders for refined fuels after a fire broke out at a processing unit.
"The export tender is expected to be refloated soon after evaluating the situation," the refiner informed the exchanges on Thursday.
A key South Korean refiner also shut its gasoline-producing unit due to "some issue", market sources said.
Singapore, China, India and South Korea are key gasoline exporters in Asia.
Meanwhile, Singapore's light distillates stocks, including naphtha and gasoline, fell to a five-year low of 10.514 million barrels in the week to September 30, driven by a rise in transport fuel exports, data from Enterprise Singapore showed.
Gasoline imports totalled about 187,000 metric tons (approximately 1.6 million barrels) during the period, while exports climbed to roughly 672,000 tons.
Outbound gasoline volumes were led by Australia at about 189,000 tons, followed by Indonesia at 160,000 tons. Gasoline inflows were led by China at nearly 78,000 tons, followed by South Korea at about 46,000 tons.
Singapore light distillate stocks fall to five-year low https://tmsnrt.rs/4xVJc0c
Asia's gasoline crack rise to record high https://tmsnrt.rs/47y9QBe
(Reporting by Mohi Narayan; Editing by Mark Potter, Diti Pujara and Louise Heavens)
Repeats story with no changes to text
By Mohi Narayan
NEW DELHI, Oct 1 (Reuters) - Asia's gasoline margin rose to a record high on Thursday as various outages at regional refineries and reports that Chinese refiners have halted fuel exports for October tightened the supply outlook, traders said.
The refining profit, or crack, GL92-SIN-CRK for gasoline rose to $50.53 per barrel over Brent crude.
Chinese refiners have suspended oil product exports for October, four people briefed on the matter said, as Beijing looks to preserve domestic stocks, a move that will further crimp war-constrained fuel markets.
"Brent futures rolled onto next month’s contract yesterday, with an associated drop in crude price. This would have contributed to the widening crack, which also was supported by news of China reducing its product exports, so tightening the Asian market," said Alan Gelder, senior vice president, refining, chemicals and oil markets at consultancy Wood Mackenzie.
The price for benchmark-grade fuel jumped to $150.69 per barrel, the highest level since March this year. GL92-SIN
"Inventories are low and there are refinery outages too, pushing up prices," a Singapore-based gasoline trader said.
India's state-run Mangalore Refinery and Petrochemicals Ltd (MRPL) MRPL.NS on Wednesday cancelled three spot export tenders for refined fuels after a fire broke out at a processing unit.
"The export tender is expected to be refloated soon after evaluating the situation," the refiner informed the exchanges on Thursday.
A key South Korean refiner also shut its gasoline-producing unit due to "some issue", market sources said.
Singapore, China, India and South Korea are key gasoline exporters in Asia.
Meanwhile, Singapore's light distillates stocks, including naphtha and gasoline, fell to a five-year low of 10.514 million barrels in the week to September 30, driven by a rise in transport fuel exports, data from Enterprise Singapore showed.
Gasoline imports totalled about 187,000 metric tons (approximately 1.6 million barrels) during the period, while exports climbed to roughly 672,000 tons.
Outbound gasoline volumes were led by Australia at about 189,000 tons, followed by Indonesia at 160,000 tons. Gasoline inflows were led by China at nearly 78,000 tons, followed by South Korea at about 46,000 tons.
Singapore light distillate stocks fall to five-year low https://tmsnrt.rs/4xVJc0c
Asia's gasoline crack rise to record high https://tmsnrt.rs/47y9QBe
(Reporting by Mohi Narayan; Editing by Mark Potter, Diti Pujara and Louise Heavens)
Adds analyst comment, details on key exporters
By Mohi Narayan
NEW DELHI, Oct 1 (Reuters) - Asia's gasoline margin rose to a record high on Thursday as various outages at regional refineries and reports that Chinese refiners have halted fuel exports for October tightened the supply outlook, traders said.
The refining profit, or crack, GL92-SIN-CRK for gasoline rose to $50.53 per barrel over Brent crude.
Chinese refiners have suspended oil product exports for October, four people briefed on the matter said, as Beijing looks to preserve domestic stocks, a move that will further crimp war-constrained fuel markets.
"Brent futures rolled onto next month’s contract yesterday, with an associated drop in crude price. This would have contributed to the widening crack, which also was supported by news of China reducing its product exports, so tightening the Asian market," said Alan Gelder, senior vice president, refining, chemicals and oil markets at consultancy Wood Mackenzie.
The price for benchmark-grade fuel jumped to $150.69 per barrel, the highest level since March this year. GL92-SIN
"Inventories are low and there are refinery outages too, pushing up prices," a Singapore-based gasoline trader said.
India's state-run Mangalore Refinery and Petrochemicals Ltd (MRPL) MRPL.NS on Wednesday cancelled three spot export tenders for refined fuels after a fire broke out at a processing unit.
"The export tender is expected to be refloated soon after evaluating the situation," the refiner informed the exchanges on Thursday.
A key South Korean refiner also shut its gasoline-producing unit due to "some issue", market sources said.
Singapore, China, India and South Korea are key gasoline exporters in Asia.
Meanwhile, Singapore's light distillates stocks, including naphtha and gasoline, fell to a five-year low of 10.514 million barrels in the week to September 30, driven by a rise in transport fuel exports, data from Enterprise Singapore showed.
Gasoline imports totalled about 187,000 metric tons (approximately 1.6 million barrels) during the period, while exports climbed to roughly 672,000 tons.
Outbound gasoline volumes were led by Australia at about 189,000 tons, followed by Indonesia at 160,000 tons. Gasoline inflows were led by China at nearly 78,000 tons, followed by South Korea at about 46,000 tons.
Singapore light distillate stocks fall to five-year low https://tmsnrt.rs/4xVJc0c
Asia's gasoline crack rise to record high https://tmsnrt.rs/47y9QBe
(Reporting by Mohi Narayan; Editing by Mark Potter, Diti Pujara and Louise Heavens)
Adds analyst comment, details on key exporters
By Mohi Narayan
NEW DELHI, Oct 1 (Reuters) - Asia's gasoline margin rose to a record high on Thursday as various outages at regional refineries and reports that Chinese refiners have halted fuel exports for October tightened the supply outlook, traders said.
The refining profit, or crack, GL92-SIN-CRK for gasoline rose to $50.53 per barrel over Brent crude.
Chinese refiners have suspended oil product exports for October, four people briefed on the matter said, as Beijing looks to preserve domestic stocks, a move that will further crimp war-constrained fuel markets.
"Brent futures rolled onto next month’s contract yesterday, with an associated drop in crude price. This would have contributed to the widening crack, which also was supported by news of China reducing its product exports, so tightening the Asian market," said Alan Gelder, senior vice president, refining, chemicals and oil markets at consultancy Wood Mackenzie.
The price for benchmark-grade fuel jumped to $150.69 per barrel, the highest level since March this year. GL92-SIN
"Inventories are low and there are refinery outages too, pushing up prices," a Singapore-based gasoline trader said.
India's state-run Mangalore Refinery and Petrochemicals Ltd (MRPL) MRPL.NS on Wednesday cancelled three spot export tenders for refined fuels after a fire broke out at a processing unit.
"The export tender is expected to be refloated soon after evaluating the situation," the refiner informed the exchanges on Thursday.
A key South Korean refiner also shut its gasoline-producing unit due to "some issue", market sources said.
Singapore, China, India and South Korea are key gasoline exporters in Asia.
Meanwhile, Singapore's light distillates stocks, including naphtha and gasoline, fell to a five-year low of 10.514 million barrels in the week to September 30, driven by a rise in transport fuel exports, data from Enterprise Singapore showed.
Gasoline imports totalled about 187,000 metric tons (approximately 1.6 million barrels) during the period, while exports climbed to roughly 672,000 tons.
Outbound gasoline volumes were led by Australia at about 189,000 tons, followed by Indonesia at 160,000 tons. Gasoline inflows were led by China at nearly 78,000 tons, followed by South Korea at about 46,000 tons.
Singapore light distillate stocks fall to five-year low https://tmsnrt.rs/4xVJc0c
Asia's gasoline crack rise to record high https://tmsnrt.rs/47y9QBe
(Reporting by Mohi Narayan; Editing by Mark Potter, Diti Pujara and Louise Heavens)
MRPL said a fire at its Mangaluru refinery was completely extinguished at 14:47 on 30 September after a high-pressure Cold Separator ruptured in the Coker Hydrotreater Unit. A body was found during subsequent combing and inspection, while one person with burn injuries remained under hospital treatment. The affected unit’s battery limits were isolated and the company’s emergency response teams were deployed after the incident around 12:20. MRPL operates a 15 mtpa refinery, and more than 90% of its EBITDA has come from the refinery business.
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MRPL said a fire at its Mangaluru refinery was completely extinguished at 14:47 on 30 September after a high-pressure Cold Separator ruptured in the Coker Hydrotreater Unit. A body was found during subsequent combing and inspection, while one person with burn injuries remained under hospital treatment. The affected unit’s battery limits were isolated and the company’s emergency response teams were deployed after the incident around 12:20. MRPL operates a 15 mtpa refinery, and more than 90% of its EBITDA has come from the refinery business.
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** Shares of India's Mangalore Refinery and Petrochemicals MRPL.NS down 4.2% at 164.61 rupees
** Explosion reported at the third phase of the state-run refinery in Mangaluru, a spokesperson says
** Cause is unknown and the fire is being doused, no casualties reported, spokesperson says
** Stock up 15% YTD
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
** Shares of India's Mangalore Refinery and Petrochemicals MRPL.NS down 4.2% at 164.61 rupees
** Explosion reported at the third phase of the state-run refinery in Mangaluru, a spokesperson says
** Cause is unknown and the fire is being doused, no casualties reported, spokesperson says
** Stock up 15% YTD
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
** India's Chennai Petroleum Corporation CHPC.NS and MRPL MRPL.NS jump 8% and 5.3%, respectively
** Brent crude futures LCOc1 rise 1% to $99 per barrel as Middle East tensions hit energy supply O/R
** Higher petrol and diesel cracks, tracking crude oil prices, benefit oil refiners
** Hindustan Oil Exploration Company HOEX.NS shares rise 3.6%, while upstream oil companies ONGC ONGC.NS and Oil India OILI.NS up 0.3% an
** YTD, CHPC and MRPL up 88% and 19.8%, respectively
(Reporting by Vivek Kumar M)
(([email protected];))
** India's Chennai Petroleum Corporation CHPC.NS and MRPL MRPL.NS jump 8% and 5.3%, respectively
** Brent crude futures LCOc1 rise 1% to $99 per barrel as Middle East tensions hit energy supply O/R
** Higher petrol and diesel cracks, tracking crude oil prices, benefit oil refiners
** Hindustan Oil Exploration Company HOEX.NS shares rise 3.6%, while upstream oil companies ONGC ONGC.NS and Oil India OILI.NS up 0.3% an
** YTD, CHPC and MRPL up 88% and 19.8%, respectively
(Reporting by Vivek Kumar M)
(([email protected];))
LONDON, Aug 20 (Reuters) - West African crude oil differentials were stable on Thursday as traders digested October Angolan loading programmes.
Angolan crude exports are scheduled at 932,000 barrels per day in October across 30 cargoes, a preliminary loading programme seen by Reuters showed, down from 1.04 million bpd across 34 cargoes scheduled for September.
Around eight Angolan cargoes remain unsold for September after Asian refiners picked up cargoes recently, a trader said on Thursday.
Meanwhile, around 25 Nigerian September cargoes were heard to be available last week, a source said, with ample still available this week.
Asian demand for West African crudes has been supported by Middle East disruptions, however high freight rates could provide a ceiling to flows.
Nigeria allocated seven crude cargoes in September for the Dangote oil refinery, according to data seen by Reuters.
(Reporting by Robert Harvey; Editing by Diti Pujara)
LONDON, Aug 20 (Reuters) - West African crude oil differentials were stable on Thursday as traders digested October Angolan loading programmes.
Angolan crude exports are scheduled at 932,000 barrels per day in October across 30 cargoes, a preliminary loading programme seen by Reuters showed, down from 1.04 million bpd across 34 cargoes scheduled for September.
Around eight Angolan cargoes remain unsold for September after Asian refiners picked up cargoes recently, a trader said on Thursday.
Meanwhile, around 25 Nigerian September cargoes were heard to be available last week, a source said, with ample still available this week.
Asian demand for West African crudes has been supported by Middle East disruptions, however high freight rates could provide a ceiling to flows.
Nigeria allocated seven crude cargoes in September for the Dangote oil refinery, according to data seen by Reuters.
(Reporting by Robert Harvey; Editing by Diti Pujara)
LONDON, Aug 19 (Reuters) - The West African crude oil market was quiet on Wednesday as traders awaited loading programs and watched a volatile oil market.
Brent crude futures rose over 1% while U.S. WTI prices jumped over 2% after the United Arab Emirates decided to suspend all financial and economic transactions with Iran. O/R
Increased availability of Middle East and Latin American grades was still partially weighing on the West African market as all grades compete among Asian refiners, but demand had improved for the grades, traders have told Reuters.
Meanwhile, Nigeria's Dangote Refinery's crude imports were coming in at around 640,000 month-to-date in August, recovering from the slightly lower June-July period, analysts at Kpler said in a note.
(Reporting by Seher Dareen;Editing by Elaine Hardcastle)
LONDON, Aug 19 (Reuters) - The West African crude oil market was quiet on Wednesday as traders awaited loading programs and watched a volatile oil market.
Brent crude futures rose over 1% while U.S. WTI prices jumped over 2% after the United Arab Emirates decided to suspend all financial and economic transactions with Iran. O/R
Increased availability of Middle East and Latin American grades was still partially weighing on the West African market as all grades compete among Asian refiners, but demand had improved for the grades, traders have told Reuters.
Meanwhile, Nigeria's Dangote Refinery's crude imports were coming in at around 640,000 month-to-date in August, recovering from the slightly lower June-July period, analysts at Kpler said in a note.
(Reporting by Seher Dareen;Editing by Elaine Hardcastle)
LONDON, Aug 18 (Reuters) - West African crude oil differentials were steady on Tuesday.
Increased availability of Middle East and Latin American grades was weighing on the West African market as all grades compete among Asian refiners.
Argentine crude exports reached a record high of 285,000 barrels per day in July, Kpler analysts said in a note. This weighed on the West Africa market, two traders said.
In the previous session, Nigerian Bonny was offered at dated Brent plus $4.10 for September loading via the Argus Open Markets platform, a trade source said, edging down from the plus $6 reported last week.
Nigeria's Dangote Refinery has secured a $1 billion underwriting programme for its planned stock market listing.
(Reporting by Seher Dareen
Editing by David Goodman
)
LONDON, Aug 18 (Reuters) - West African crude oil differentials were steady on Tuesday.
Increased availability of Middle East and Latin American grades was weighing on the West African market as all grades compete among Asian refiners.
Argentine crude exports reached a record high of 285,000 barrels per day in July, Kpler analysts said in a note. This weighed on the West Africa market, two traders said.
In the previous session, Nigerian Bonny was offered at dated Brent plus $4.10 for September loading via the Argus Open Markets platform, a trade source said, edging down from the plus $6 reported last week.
Nigeria's Dangote Refinery has secured a $1 billion underwriting programme for its planned stock market listing.
(Reporting by Seher Dareen
Editing by David Goodman
)
LONDON, Aug 14 (Reuters) - West African crude oil differentials were broadly steady in the spot market on Friday.
The market for West African grades has been mostly quiet this week, sources told Reuters.
Brent and WTI were on track for weekly gains of about 3.4% and 4%, respectively, while the U.S. threatened an indefinite naval blockade of Iran, raising concerns about disruptions to crude supplies from the Middle East.
Market participants have been buying West African crude as alternatives to Middle East grades due to the blockade at the Strait of Hormuz.
In the wider market, Nigeria's Dangote Petroleum Refinery's planned October IPO is designed to let Nigerians share in the company's growth, its CEO told Reuters, adding that a foreign listing is at least three years away.
(Reporting by Seher Dareen; Editing by Diti Pujara)
LONDON, Aug 14 (Reuters) - West African crude oil differentials were broadly steady in the spot market on Friday.
The market for West African grades has been mostly quiet this week, sources told Reuters.
Brent and WTI were on track for weekly gains of about 3.4% and 4%, respectively, while the U.S. threatened an indefinite naval blockade of Iran, raising concerns about disruptions to crude supplies from the Middle East.
Market participants have been buying West African crude as alternatives to Middle East grades due to the blockade at the Strait of Hormuz.
In the wider market, Nigeria's Dangote Petroleum Refinery's planned October IPO is designed to let Nigerians share in the company's growth, its CEO told Reuters, adding that a foreign listing is at least three years away.
(Reporting by Seher Dareen; Editing by Diti Pujara)
Mangalore Refinery and Petrochemicals appointed Lakhan Chandra Mardi, Sharwan Singh Karawasra and Vipin Malviya as independent directors. The Ministry of Petroleum and Natural Gas said the competent authority had approved their appointments for three years from 12 August 2026, or until further orders, whichever came earlier. The appointments followed the end of the previous independent directors’ tenure in March 2026, after which the board had lacked independent directors. MRPL reported revenue of ₹41,609 crore and standalone net profit of ₹946 crore for the June quarter.
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Mangalore Refinery and Petrochemicals appointed Lakhan Chandra Mardi, Sharwan Singh Karawasra and Vipin Malviya as independent directors. The Ministry of Petroleum and Natural Gas said the competent authority had approved their appointments for three years from 12 August 2026, or until further orders, whichever came earlier. The appointments followed the end of the previous independent directors’ tenure in March 2026, after which the board had lacked independent directors. MRPL reported revenue of ₹41,609 crore and standalone net profit of ₹946 crore for the June quarter.
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LONDON, Aug 12 (Reuters) - The West African crude oil market was quiet on Wednesday, a trader said, as participants monitored a tender issued by Mangalore Refinery and Petrochemicals Ltd (MRPL).
India's state-run refiner MRPL issued a tender, a trade source said, while Hindustan Petroleum Corp bought Persian Gulf cargoes.
The market was otherwise quiet, he added.
In the wider West African market, Nigeria is considering changes to crude allocation and pricing rules to improve feedstock access for its refiners, including Dangote Refinery, the local oil refiners' association said.
Nigeria approved tax waivers for nearly 4,000 electric vehicles in the first half of this year, government data showed. While official data is not available, EVs now likely account for less than 1% of the total vehicle fleet, dealers say, equivalent to only a few tens of thousands of vehicles.
Nigerian President Bola Tinubu approved a new regulatory and fiscal framework for offshore oil and gas projects, to attract up to $50 billion in investment.
Additionally, Russia has begun shipping crude oil via its Arctic sea route this year at a faster pace than a year ago, with seven cargoes carrying some six million barrels of crude already heading to Asia, according to three trade sources and LSEG shipping data.
Russian crude is bought by India and China, keys markets for West African crudes.
(Reporting by Seher Dareen; Editing by Diti Pujara)
LONDON, Aug 12 (Reuters) - The West African crude oil market was quiet on Wednesday, a trader said, as participants monitored a tender issued by Mangalore Refinery and Petrochemicals Ltd (MRPL).
India's state-run refiner MRPL issued a tender, a trade source said, while Hindustan Petroleum Corp bought Persian Gulf cargoes.
The market was otherwise quiet, he added.
In the wider West African market, Nigeria is considering changes to crude allocation and pricing rules to improve feedstock access for its refiners, including Dangote Refinery, the local oil refiners' association said.
Nigeria approved tax waivers for nearly 4,000 electric vehicles in the first half of this year, government data showed. While official data is not available, EVs now likely account for less than 1% of the total vehicle fleet, dealers say, equivalent to only a few tens of thousands of vehicles.
Nigerian President Bola Tinubu approved a new regulatory and fiscal framework for offshore oil and gas projects, to attract up to $50 billion in investment.
Additionally, Russia has begun shipping crude oil via its Arctic sea route this year at a faster pace than a year ago, with seven cargoes carrying some six million barrels of crude already heading to Asia, according to three trade sources and LSEG shipping data.
Russian crude is bought by India and China, keys markets for West African crudes.
(Reporting by Seher Dareen; Editing by Diti Pujara)
India's current SPR capacity is 5.33 million T
India plans to add 6.5 mln T SPR capacity
New 4 mln T Odisha SPR estimated to cost 90 billion rupees
By Nidhi Verma
NEW DELHI, Aug 3 (Reuters) - India's Oil and Natural Gas Corp ONGC.NS will reserve half of its planned 1.75 million metric ton (about 13 million barrels)oil storage facility to meet the country's strategic needs, junior oil minister Suresh Gopi told lawmakers on Monday.
ONGC, India's top oil explorer, last month announced plans to build the strategic petroleum reserve at Mangaluru in Karnataka state, where its Mangalore Refinery and Petrochemicals MRPL.NS subsidiary operates a refinery with capacity of 300,000 barrels per day.
New Delhi is expanding its Strategic Petroleum Reserve capacity with private participation.
Indian rules allow commercial use of a part of the existing SPR storage built at three locations - Mangaluru, Padur and Vizag - in southern India with 5.33 million tons of capacity. These storage facilities are managed by the government-owned Indian Strategic Petroleum Reserves Ltd (ISPRL).
MRPL has already leased half of the 1.5 million ton Mangaluru SPR.
Gopi also said India has the capacity to store crude oil and petroleum products to meet 74 days of its net crude import needs, including inventories in refinery tanks, offshore facilities and its 35,000 km (22,000 miles) pipeline network.
India plans to build about 4 million tons of strategic storage at Chandikhol in the eastern state of Odisha and a new 2.5 million ton facility at Padur in southern India in collaboration with private companies.
Gopi said ISPRL has acquired the land for the Chandikhol project, which is estimated to cost 90 billion Indian rupees ($944.44 million).
($1 = 95.2950 Indian rupees)
(Reporting by Nidhi Verma; Editing by Susan Fenton)
(([email protected]; X: @nidhi712;))
India's current SPR capacity is 5.33 million T
India plans to add 6.5 mln T SPR capacity
New 4 mln T Odisha SPR estimated to cost 90 billion rupees
By Nidhi Verma
NEW DELHI, Aug 3 (Reuters) - India's Oil and Natural Gas Corp ONGC.NS will reserve half of its planned 1.75 million metric ton (about 13 million barrels)oil storage facility to meet the country's strategic needs, junior oil minister Suresh Gopi told lawmakers on Monday.
ONGC, India's top oil explorer, last month announced plans to build the strategic petroleum reserve at Mangaluru in Karnataka state, where its Mangalore Refinery and Petrochemicals MRPL.NS subsidiary operates a refinery with capacity of 300,000 barrels per day.
New Delhi is expanding its Strategic Petroleum Reserve capacity with private participation.
Indian rules allow commercial use of a part of the existing SPR storage built at three locations - Mangaluru, Padur and Vizag - in southern India with 5.33 million tons of capacity. These storage facilities are managed by the government-owned Indian Strategic Petroleum Reserves Ltd (ISPRL).
MRPL has already leased half of the 1.5 million ton Mangaluru SPR.
Gopi also said India has the capacity to store crude oil and petroleum products to meet 74 days of its net crude import needs, including inventories in refinery tanks, offshore facilities and its 35,000 km (22,000 miles) pipeline network.
India plans to build about 4 million tons of strategic storage at Chandikhol in the eastern state of Odisha and a new 2.5 million ton facility at Padur in southern India in collaboration with private companies.
Gopi said ISPRL has acquired the land for the Chandikhol project, which is estimated to cost 90 billion Indian rupees ($944.44 million).
($1 = 95.2950 Indian rupees)
(Reporting by Nidhi Verma; Editing by Susan Fenton)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 30 (Reuters) - Two tankers carrying Saudi crude for Indian refiners have exited the Red Sea through the Bab el-Mandeb Strait by sailing "dark" after Yemen's Iran-aligned Houthis announced a blockade on Saudi shipments, two sources with direct knowledge of the matter said.
The Suezmax tanker Amazon, chartered by Indian Oil Corp IOC.NS, loaded 1 million barrels of oil and Aframax Rodos lifted 700,000 barrels of crude for Mangalore Refinery and Petrochemicals Ltd MRPL.NS at Saudi Arabia's Yanbu port around July 20 and briefly turned north towards the Suez Canal.
However, the Amazon and Rodos then switched off their Automatic Identification System transponders around July 22, preventing public tracking of their moves, and headed south to exit the Red Sea through the Bab el-Mandeb Strait, the sources said.
The tankers are the first evidence of vessels carrying Saudi crude for India going dark by turning off their transponders, which the sources said is normal practice in war zone areas, since the blockade began.
"The owner had shut the transponders on the vessels for safety purposes, and the vessels are now heading to India," one of the sources told Reuters.
The Rodos is expected to arrive at India's Mangalore port on August 1, while the Amazon is scheduled to reach Chennai in early August, both sources said.
Both vessels are managed by Greece-based Dynacom Tankers. Dynacom had no immediate comment when contacted by Reuters.
India's foreign ministry, Indian Oil and MRPL did not respond to emails seeking comment.
The vessels switched off their transponders after two other Dynacom ships, Malta-flagged Panamax-sized tanker Kavomaleas and Liberian-flagged VLCC Acheloos, were hit by projectiles.
Indian refiners have switched to cargoes from the Middle East on a delivered basis since the Houthi attacks on several Saudi tankers. MRPL said in its latest tender it will only buy oil shipped on routes avoiding the Red Sea and Strait of Hormuz.
It was not immediately clear if the Indian government talked to the Houthis or Iranian authorities to gain safe passage for the vessels after refiners in India approached it for help.
(Reporting by Nidhi Verma; Additional reporting by Aftab Ahmed and Lefteris Papadimas; Editing by Florence Tan and Alexander Smith)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 30 (Reuters) - Two tankers carrying Saudi crude for Indian refiners have exited the Red Sea through the Bab el-Mandeb Strait by sailing "dark" after Yemen's Iran-aligned Houthis announced a blockade on Saudi shipments, two sources with direct knowledge of the matter said.
The Suezmax tanker Amazon, chartered by Indian Oil Corp IOC.NS, loaded 1 million barrels of oil and Aframax Rodos lifted 700,000 barrels of crude for Mangalore Refinery and Petrochemicals Ltd MRPL.NS at Saudi Arabia's Yanbu port around July 20 and briefly turned north towards the Suez Canal.
However, the Amazon and Rodos then switched off their Automatic Identification System transponders around July 22, preventing public tracking of their moves, and headed south to exit the Red Sea through the Bab el-Mandeb Strait, the sources said.
The tankers are the first evidence of vessels carrying Saudi crude for India going dark by turning off their transponders, which the sources said is normal practice in war zone areas, since the blockade began.
"The owner had shut the transponders on the vessels for safety purposes, and the vessels are now heading to India," one of the sources told Reuters.
The Rodos is expected to arrive at India's Mangalore port on August 1, while the Amazon is scheduled to reach Chennai in early August, both sources said.
Both vessels are managed by Greece-based Dynacom Tankers. Dynacom had no immediate comment when contacted by Reuters.
India's foreign ministry, Indian Oil and MRPL did not respond to emails seeking comment.
The vessels switched off their transponders after two other Dynacom ships, Malta-flagged Panamax-sized tanker Kavomaleas and Liberian-flagged VLCC Acheloos, were hit by projectiles.
Indian refiners have switched to cargoes from the Middle East on a delivered basis since the Houthi attacks on several Saudi tankers. MRPL said in its latest tender it will only buy oil shipped on routes avoiding the Red Sea and Strait of Hormuz.
It was not immediately clear if the Indian government talked to the Houthis or Iranian authorities to gain safe passage for the vessels after refiners in India approached it for help.
(Reporting by Nidhi Verma; Additional reporting by Aftab Ahmed and Lefteris Papadimas; Editing by Florence Tan and Alexander Smith)
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July 28 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:
ONGC LTD - APPROVED PROPOSAL TO PROVIDE PARENT COMPANY GUARANTEE OF USD 500 MILLION IN FAVOUR OF SAUDI ARAMCO
ONGC LTD - APPROVED PROPOSAL TO PROVIDE PCG OF USD 500 MILLION IN FAVOUR OF SAUDI ARAMCO FOR SEPT 1, 2026 TO AUG 31, 2028
ONGC LTD - GUARANTEE TO ENABLE MRPL TO IMPORT CRUDE OIL FROM SAUDI ARAMCO
Source text: [ID:]
Further company coverage: ONGC.NS
(([email protected];;))
July 28 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:
ONGC LTD - APPROVED PROPOSAL TO PROVIDE PARENT COMPANY GUARANTEE OF USD 500 MILLION IN FAVOUR OF SAUDI ARAMCO
ONGC LTD - APPROVED PROPOSAL TO PROVIDE PCG OF USD 500 MILLION IN FAVOUR OF SAUDI ARAMCO FOR SEPT 1, 2026 TO AUG 31, 2028
ONGC LTD - GUARANTEE TO ENABLE MRPL TO IMPORT CRUDE OIL FROM SAUDI ARAMCO
Source text: [ID:]
Further company coverage: ONGC.NS
(([email protected];;))
NEW DELHI/SINGAPORE, July 27 (Reuters) - India's state-owned Mangalore Refinery and Petrochemicals Ltd is seeking to import oil via a spot tender and has, for the first time, asked suppliers to avoid using the Red Sea and the Strait of Hormuz, a tender document showed on Monday.
Red Sea traffic has been disrupted off the coast of Yemen since last week by the Tehran-aligned Houthis, who want to blockade Saudi exports, expanding the U.S.-Iran conflict that has already choked oil supply through the Strait of Hormuz.
"Crude loading/transit via Red Sea route or SoH to be avoided," MRPL said in a tender document seeking up to 1 million barrels of oil on a delivered basis during August 25 to September 6.
The company, which did not award its previous tender seeking oil, is the first Indian refiner to include such a clause in its spot crude import tenders.
MRPL did not immediately respond to a Reuters request for comment.
MRPL has taken a "precautionary view" as it wants to avoid a potential supply disruption along two of the world's key maritime oil trade routes, said a source familiar with the matter.
The new clause would continue to be a part of future import tenders if the situation in the Middle East does not improve, the source added.
MRPL, a subsidiary of state-run explorer Oil and Natural Gas Corp ONGC.NS, operates a 300,000 barrels per day refinery in the southern Indian state of Karnataka.
(Reporting by Nidhi Verma and Siyi Liu; Editing by Joe Bavier)
(([email protected]; X: @nidhi712;))
NEW DELHI/SINGAPORE, July 27 (Reuters) - India's state-owned Mangalore Refinery and Petrochemicals Ltd is seeking to import oil via a spot tender and has, for the first time, asked suppliers to avoid using the Red Sea and the Strait of Hormuz, a tender document showed on Monday.
Red Sea traffic has been disrupted off the coast of Yemen since last week by the Tehran-aligned Houthis, who want to blockade Saudi exports, expanding the U.S.-Iran conflict that has already choked oil supply through the Strait of Hormuz.
"Crude loading/transit via Red Sea route or SoH to be avoided," MRPL said in a tender document seeking up to 1 million barrels of oil on a delivered basis during August 25 to September 6.
The company, which did not award its previous tender seeking oil, is the first Indian refiner to include such a clause in its spot crude import tenders.
MRPL did not immediately respond to a Reuters request for comment.
MRPL has taken a "precautionary view" as it wants to avoid a potential supply disruption along two of the world's key maritime oil trade routes, said a source familiar with the matter.
The new clause would continue to be a part of future import tenders if the situation in the Middle East does not improve, the source added.
MRPL, a subsidiary of state-run explorer Oil and Natural Gas Corp ONGC.NS, operates a 300,000 barrels per day refinery in the southern Indian state of Karnataka.
(Reporting by Nidhi Verma and Siyi Liu; Editing by Joe Bavier)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 21 (Reuters) - Indian Oil Corp IOC.NS has cancelled the lifting of Iraqi oil from Basrah Oil Terminal due to increased risk and attacks on some vessels transiting through the Strait of Hormuz, three sources familiar with the matter said.
State-run IOC was preparing to lift 2 million barrels of Iraqi oil in the very large crude carrier Lila Jamnagar around July 23.
Another state refiner, Mangalore Refinery and Petrochemicals Ltd MRPL.NS, also cancelled plans to lift oil from Iraq in the Indian-flagged Aframax tanker Desh Gaurav, they said.
The two Indian refiners did not immediately respond to a Reuters request for comment.
India has advised shipowners, ship managers and recruitment companies not to deploy the country's seafarers on vessels undertaking trips through the Strait of Hormuz following the resumption of fighting in the region.
The shipping regulator has also directed masters of vessels to ensure that they are sufficiently vigilant about the security situation in the Persian Gulf, the Strait of Hormuz and adjoining waters, and called for continuous monitoring of navigational warnings.
The Strait of Hormuz between Iran and Oman was the main transit route before the conflict for around a fifth of global energy supplies.
Tensions have escalated since a fragile truce between Washington and Tehran collapsed in early July, reviving heavy exchanges of strikes and further disrupting shipping through the waterway.
(Reporting by Nidhi Verma; Editing by Joe Bavier)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 21 (Reuters) - Indian Oil Corp IOC.NS has cancelled the lifting of Iraqi oil from Basrah Oil Terminal due to increased risk and attacks on some vessels transiting through the Strait of Hormuz, three sources familiar with the matter said.
State-run IOC was preparing to lift 2 million barrels of Iraqi oil in the very large crude carrier Lila Jamnagar around July 23.
Another state refiner, Mangalore Refinery and Petrochemicals Ltd MRPL.NS, also cancelled plans to lift oil from Iraq in the Indian-flagged Aframax tanker Desh Gaurav, they said.
The two Indian refiners did not immediately respond to a Reuters request for comment.
India has advised shipowners, ship managers and recruitment companies not to deploy the country's seafarers on vessels undertaking trips through the Strait of Hormuz following the resumption of fighting in the region.
The shipping regulator has also directed masters of vessels to ensure that they are sufficiently vigilant about the security situation in the Persian Gulf, the Strait of Hormuz and adjoining waters, and called for continuous monitoring of navigational warnings.
The Strait of Hormuz between Iran and Oman was the main transit route before the conflict for around a fifth of global energy supplies.
Tensions have escalated since a fragile truce between Washington and Tehran collapsed in early July, reviving heavy exchanges of strikes and further disrupting shipping through the waterway.
(Reporting by Nidhi Verma; Editing by Joe Bavier)
(([email protected]; X: @nidhi712;))
** Shares of Mangalore Refinery and Petrochemicals MRPL.NS up 12.6% at 177.29 rupees, highest since April 28
** Co posts Q1 consol net profit of 9.46 billion rupees vs loss a year ago; rev from ops nearly doubles to 416.09 billion rupees
** Profit was supported by an exceptional gain of 4.71 billion rupees pertaining to revision in petroleum product prices
** More than 78.7 million shares change hands vs 30-day avg of 8.5 million shares
** YTD, stock up 16.5%
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
** Shares of Mangalore Refinery and Petrochemicals MRPL.NS up 12.6% at 177.29 rupees, highest since April 28
** Co posts Q1 consol net profit of 9.46 billion rupees vs loss a year ago; rev from ops nearly doubles to 416.09 billion rupees
** Profit was supported by an exceptional gain of 4.71 billion rupees pertaining to revision in petroleum product prices
** More than 78.7 million shares change hands vs 30-day avg of 8.5 million shares
** YTD, stock up 16.5%
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
Rosneft, Gazprom Neft and Lukoil seek supplies, sources say
Indian refiners may not have surplus for Russia, sources say
One cargo has already sailed for Russia via traders
By Krishna N. Das and Nidhi Verma
NEW DELHI, July 15 (Reuters) - Top Russian energy companies have approached Indian refiners for more gasoline after Ukrainian strikes knocked out a significant portion of Russia's refining capacity, two sources familiar with the matter told Reuters on Wednesday.
India is the biggest buyer of Russian seaborne crude oil, making Moscow's bid to secure Indian gasoline an unusual reversal in the countries' energy trade relationship, highlighting the extent of the disruption caused by the Ukrainian attacks. Moscow is witnessing its worst gasoline crisis.
At least one cargo of Indian gasoline has already sailed to Russia and more are expected, with nearly 40% of Russia's refining capacity unlikely to return for at least two months if there are no further attacks, one of the sources with knowledge of the matter said.
Rosneft ROSN.MM, Gazprom Neft and Lukoil LKOH.MM are among the companies that have contacted Indian counterparts, including private and state-run refiners, the source said, adding that any supplies would be routed through traders if deals are agreed.
Sources at three Indian state refiners said Russian companies had approached them for more gasoline but that they have no surplus volumes to export. They and the other two sources spoke on the condition of anonymity to discuss sensitive matters.
Major Indian state refiners including Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum CorpHPCL.NS, the three Russian oil companies, and Russia's energy ministry did not respond to Reuters emails seeking comment.
Indian Oil Minister Hardeep Singh Puri said earlier this month that Indian companies were not selling fuel to Russia but it was possible that Russia purchased Indian-origin fuel from traders.
SHIP-TO-SHIP TRANSFERS
One of the sources familiar with the matter said any further supplies from India could reach Russia through ship-to-ship transfers. Russia would seek supplies of diesel if Ukrainian attacks knocked out further refining capacity, though there were enough supplies of the fuel for now, the source added.
Reuters reported early this month that traders have sold gasoline produced by Indian refiner Nayara Energy, partly owned by Rosneft, to Russia.
Tanker Agni loaded with 42,000 metric tons of gasoline from Nayara's Vadinar port between June 18 and 20 and did a ship-to-ship transfer of the cargo onto the vessel Garnet at Damietta Light near Egypt, between July 6 and 7, Kpler said in a note citing satellite imagery. Garnet is expected to reach Vitino in Russia around July 26, the ship tracking agency said.
Shipping sources said another tanker, Varg, loaded with gasoline from Nayara's Vadinar port, was bound for Suez, where the cargo is expected to be transferred to another vessel off Egypt for onward shipment to Russia.
Nayara told Reuters it "has neither sold nor has any plans to sell fuel to Russian companies".
"Nayara Energy remains committed to serving the Indian market and meeting the demand for fuels across the length and breadth of India," it said in response to questions from Reuters.
"As the country’s largest private sector fuel retailer, our only priority is to ensure optimum supplies to over 7,000 stations and other channels including bulk customers."
(Reporting by Krishna N. Das and Nidhi Verma in New Delhi; Additional reporting by Vladimir Soldatkin; Editing by Emelia Sithole-Matarise)
Rosneft, Gazprom Neft and Lukoil seek supplies, sources say
Indian refiners may not have surplus for Russia, sources say
One cargo has already sailed for Russia via traders
By Krishna N. Das and Nidhi Verma
NEW DELHI, July 15 (Reuters) - Top Russian energy companies have approached Indian refiners for more gasoline after Ukrainian strikes knocked out a significant portion of Russia's refining capacity, two sources familiar with the matter told Reuters on Wednesday.
India is the biggest buyer of Russian seaborne crude oil, making Moscow's bid to secure Indian gasoline an unusual reversal in the countries' energy trade relationship, highlighting the extent of the disruption caused by the Ukrainian attacks. Moscow is witnessing its worst gasoline crisis.
At least one cargo of Indian gasoline has already sailed to Russia and more are expected, with nearly 40% of Russia's refining capacity unlikely to return for at least two months if there are no further attacks, one of the sources with knowledge of the matter said.
Rosneft ROSN.MM, Gazprom Neft and Lukoil LKOH.MM are among the companies that have contacted Indian counterparts, including private and state-run refiners, the source said, adding that any supplies would be routed through traders if deals are agreed.
Sources at three Indian state refiners said Russian companies had approached them for more gasoline but that they have no surplus volumes to export. They and the other two sources spoke on the condition of anonymity to discuss sensitive matters.
Major Indian state refiners including Indian Oil Corp IOC.NS, Bharat Petroleum Corp BPCL.NS and Hindustan Petroleum CorpHPCL.NS, the three Russian oil companies, and Russia's energy ministry did not respond to Reuters emails seeking comment.
Indian Oil Minister Hardeep Singh Puri said earlier this month that Indian companies were not selling fuel to Russia but it was possible that Russia purchased Indian-origin fuel from traders.
SHIP-TO-SHIP TRANSFERS
One of the sources familiar with the matter said any further supplies from India could reach Russia through ship-to-ship transfers. Russia would seek supplies of diesel if Ukrainian attacks knocked out further refining capacity, though there were enough supplies of the fuel for now, the source added.
Reuters reported early this month that traders have sold gasoline produced by Indian refiner Nayara Energy, partly owned by Rosneft, to Russia.
Tanker Agni loaded with 42,000 metric tons of gasoline from Nayara's Vadinar port between June 18 and 20 and did a ship-to-ship transfer of the cargo onto the vessel Garnet at Damietta Light near Egypt, between July 6 and 7, Kpler said in a note citing satellite imagery. Garnet is expected to reach Vitino in Russia around July 26, the ship tracking agency said.
Shipping sources said another tanker, Varg, loaded with gasoline from Nayara's Vadinar port, was bound for Suez, where the cargo is expected to be transferred to another vessel off Egypt for onward shipment to Russia.
Nayara told Reuters it "has neither sold nor has any plans to sell fuel to Russian companies".
"Nayara Energy remains committed to serving the Indian market and meeting the demand for fuels across the length and breadth of India," it said in response to questions from Reuters.
"As the country’s largest private sector fuel retailer, our only priority is to ensure optimum supplies to over 7,000 stations and other channels including bulk customers."
(Reporting by Krishna N. Das and Nidhi Verma in New Delhi; Additional reporting by Vladimir Soldatkin; Editing by Emelia Sithole-Matarise)
By Nidhi Verma
NEW DELHI, July 10 (Reuters) - India's top explorer Oil and Natural Gas Corp ONGC.NS will build a 1.75 million metric ton (MT) national strategic petroleum reserve in Mangalore in southern India, the company said in a stock exchange filing late Thursday.
India, the world's third biggest oil importer and consumer, was hit hard by the blockade of the Strait of Hormuz after Israel-U.S. attacks on Iran. About a fifth of the world's energy supplies pass through the waterway.
The South Asian nation is enhancing its energy cooperation with countries, including the United Arab Emirates and Japan, to strengthen its emergency stockpile.
ONGC would seek the federal government's permission for commercial use of the storage to be built in "national interest", it said in the filing.
New Delhi already allows commercial use of a part of its strategic storage built at three locations - Mangalore, Padur and Vizag - in southern India to store up to 5.33 MT of crude. These storage facilities are managed by the government-owned Indian Strategic Petroleum Reserves Ltd.
Mangalore Refinery and Petrochemicals Ltd MRPL.NS, a subsidiary of ONGC, operates a 300,000 barrel per day refinery in Mangalore. It has already leased half of the 1.5 MT Mangalore SPR, while the remaining capacity is leased to Abu Dhabi National Oil Co. of the UAE.
During Indian Prime Minister Narendra Modi's visit to the UAE earlier this year, ADNOC announced plans to increase crude oil storage in India to up to 30 million barrels.
ADNOC also announced that the UAE would explore potential crude storage at Fujairah as part of India's strategic reserve.
India also plans to build 4 MT of strategic storage at Chandikhol in the eastern state of Odisha and a new 2.5 MT facility at Padur in southern India.
(Reporting by Nidhi Verma; Editing by Rashmi Aich)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 10 (Reuters) - India's top explorer Oil and Natural Gas Corp ONGC.NS will build a 1.75 million metric ton (MT) national strategic petroleum reserve in Mangalore in southern India, the company said in a stock exchange filing late Thursday.
India, the world's third biggest oil importer and consumer, was hit hard by the blockade of the Strait of Hormuz after Israel-U.S. attacks on Iran. About a fifth of the world's energy supplies pass through the waterway.
The South Asian nation is enhancing its energy cooperation with countries, including the United Arab Emirates and Japan, to strengthen its emergency stockpile.
ONGC would seek the federal government's permission for commercial use of the storage to be built in "national interest", it said in the filing.
New Delhi already allows commercial use of a part of its strategic storage built at three locations - Mangalore, Padur and Vizag - in southern India to store up to 5.33 MT of crude. These storage facilities are managed by the government-owned Indian Strategic Petroleum Reserves Ltd.
Mangalore Refinery and Petrochemicals Ltd MRPL.NS, a subsidiary of ONGC, operates a 300,000 barrel per day refinery in Mangalore. It has already leased half of the 1.5 MT Mangalore SPR, while the remaining capacity is leased to Abu Dhabi National Oil Co. of the UAE.
During Indian Prime Minister Narendra Modi's visit to the UAE earlier this year, ADNOC announced plans to increase crude oil storage in India to up to 30 million barrels.
ADNOC also announced that the UAE would explore potential crude storage at Fujairah as part of India's strategic reserve.
India also plans to build 4 MT of strategic storage at Chandikhol in the eastern state of Odisha and a new 2.5 MT facility at Padur in southern India.
(Reporting by Nidhi Verma; Editing by Rashmi Aich)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 8 (Reuters) - India's Mangalore Refinery and Petrochemicals Ltd MRPL.NS has cancelled a vessel charter it had booked for loading crude oil from Iraq, two shipping sources with knowledge of the matter said.
One of the people said MRPL has cited "technical reasons" for not going ahead with the chartering of the Aframax tanker Jasmin Joy.
It was not clear whether the chartering failed due to heightened tension in the Strait of Hormuz, the sources said, after attacks on some ships in the key waterway prompted maritime authorities to raise the threat risk for transiting vessels to "severe".
MRPL is scouting for a replacement vessel, they said.
MRPL did not respond to a Reuters email seeking comments.
(Reporting by Nidhi Verma; Editing by Sonali Paul)
(([email protected]; X: @nidhi712;))
By Nidhi Verma
NEW DELHI, July 8 (Reuters) - India's Mangalore Refinery and Petrochemicals Ltd MRPL.NS has cancelled a vessel charter it had booked for loading crude oil from Iraq, two shipping sources with knowledge of the matter said.
One of the people said MRPL has cited "technical reasons" for not going ahead with the chartering of the Aframax tanker Jasmin Joy.
It was not clear whether the chartering failed due to heightened tension in the Strait of Hormuz, the sources said, after attacks on some ships in the key waterway prompted maritime authorities to raise the threat risk for transiting vessels to "severe".
MRPL is scouting for a replacement vessel, they said.
MRPL did not respond to a Reuters email seeking comments.
(Reporting by Nidhi Verma; Editing by Sonali Paul)
(([email protected]; X: @nidhi712;))
By Nidhi Verma and Florence Tan
NEW DELHI/SINGAPORE, July 7 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS has chartered a vessel to load crude oil from Iraq, the first Indian state-owned refiner to do so since the partial reopening of the Strait of Hormuz, three shipping sources said.
MRPL has booked the Aframax tanker Jasmin Joy to load crude from Iraq's Basrah oil terminal on July 19-20, the sources said.
Indian state refiners have been struggling to secure ships to load crude from ports on the west of the Strait of Hormuz, a strategic waterway through which roughly a fifth of the world's oil and gas supplies transited before the Israel-Iran conflict disrupted shipping in the region.
MRPL, which operates a 300,000 barrel-per-day refinery in the southern Indian state of Karnataka, did not immediately respond to a Reuters email seeking comment.
(Reporting by Nidhi Verma and Florence Tan; Editing by Sherry Jacob-Phillips)
(([email protected]; X: @nidhi712;))
By Nidhi Verma and Florence Tan
NEW DELHI/SINGAPORE, July 7 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS has chartered a vessel to load crude oil from Iraq, the first Indian state-owned refiner to do so since the partial reopening of the Strait of Hormuz, three shipping sources said.
MRPL has booked the Aframax tanker Jasmin Joy to load crude from Iraq's Basrah oil terminal on July 19-20, the sources said.
Indian state refiners have been struggling to secure ships to load crude from ports on the west of the Strait of Hormuz, a strategic waterway through which roughly a fifth of the world's oil and gas supplies transited before the Israel-Iran conflict disrupted shipping in the region.
MRPL, which operates a 300,000 barrel-per-day refinery in the southern Indian state of Karnataka, did not immediately respond to a Reuters email seeking comment.
(Reporting by Nidhi Verma and Florence Tan; Editing by Sherry Jacob-Phillips)
(([email protected]; X: @nidhi712;))
May 19 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MANGALORE REFINERY AND PETROCHEMICALS - PNGRB GRANTS AUTHORIZATION FOR PETROLEUM PIPELINE AT KEMPEGOWDA AIRPORT BENGALURU
Source text: ID:nBSE3nj5HQ
Further company coverage: MRPL.NS
(([email protected];))
May 19 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MANGALORE REFINERY AND PETROCHEMICALS - PNGRB GRANTS AUTHORIZATION FOR PETROLEUM PIPELINE AT KEMPEGOWDA AIRPORT BENGALURU
Source text: ID:nBSE3nj5HQ
Further company coverage: MRPL.NS
(([email protected];))
May 14 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MANGALORE REFINERY AND PETROCHEMICALS - CESTAT ALLOWED APPEAL WITH RELIEF FROM CUSTOMS DUTY DEMAND
MANGALORE REFINERY AND PETROCHEMICALS LTD - ELIGIBLE FOR REFUND OF 2.13 BILLION RUPEES CUSTOMS DUTY
Source text: ID:nBSE3X7Wgp
Further company coverage: MRPL.NS
(([email protected];;))
May 14 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MANGALORE REFINERY AND PETROCHEMICALS - CESTAT ALLOWED APPEAL WITH RELIEF FROM CUSTOMS DUTY DEMAND
MANGALORE REFINERY AND PETROCHEMICALS LTD - ELIGIBLE FOR REFUND OF 2.13 BILLION RUPEES CUSTOMS DUTY
Source text: ID:nBSE3X7Wgp
Further company coverage: MRPL.NS
(([email protected];;))
April 27 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MANGALORE REFINERY AND PETROCHEMICALS LTD- ONGC APPROVES FORMATION OF JV WITH ONGC, MRPL AND ONGC PETRO ADDITIONS LIMITED
MANGALORE REFINERY AND PETROCHEMICALS LTD- SHALL CONTRIBUTE 125 MILLION RUPEES TOWARDS EQUITY SHARE CAPITAL IN JOINT VENTURE COMPANY
Source text: ID:nnAZN4SSW2U
Further company coverage: MRPL.NS
(([email protected];))
April 27 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MANGALORE REFINERY AND PETROCHEMICALS LTD- ONGC APPROVES FORMATION OF JV WITH ONGC, MRPL AND ONGC PETRO ADDITIONS LIMITED
MANGALORE REFINERY AND PETROCHEMICALS LTD- SHALL CONTRIBUTE 125 MILLION RUPEES TOWARDS EQUITY SHARE CAPITAL IN JOINT VENTURE COMPANY
Source text: ID:nnAZN4SSW2U
Further company coverage: MRPL.NS
(([email protected];))
** Shares of India's Reliance Industries RELI.NS fall 2.8% to near one-week low of 1,313 rupees
** India raises export duties on diesel, aviation turbine fuel
** Refiners MRPL MRPL.NS and Chennai Petroleum CHPC.NS fall 2.4% and 1.9%, respectively
** Nomura says MRPL, Nayara, CPCL, HPCL Mittal Energy, Numaligarh and domestic refineries of RELI will be subject to windfall tax on export of diesel and air turbine fuel
** Adds that RELI's export refinery, which accounts for almost half its refining capacity, not impacted
** RELI rated "buy" on average by 32 brokerages, median PT is 1,700 rupees, per data compiled by LSEG
** YTD, RELI stock down 16.4%
(Reporting by Brijesh Patel in Bengaluru)
(([email protected]; Ph no. +91 9590227221;))
** Shares of India's Reliance Industries RELI.NS fall 2.8% to near one-week low of 1,313 rupees
** India raises export duties on diesel, aviation turbine fuel
** Refiners MRPL MRPL.NS and Chennai Petroleum CHPC.NS fall 2.4% and 1.9%, respectively
** Nomura says MRPL, Nayara, CPCL, HPCL Mittal Energy, Numaligarh and domestic refineries of RELI will be subject to windfall tax on export of diesel and air turbine fuel
** Adds that RELI's export refinery, which accounts for almost half its refining capacity, not impacted
** RELI rated "buy" on average by 32 brokerages, median PT is 1,700 rupees, per data compiled by LSEG
** YTD, RELI stock down 16.4%
(Reporting by Brijesh Patel in Bengaluru)
(([email protected]; Ph no. +91 9590227221;))
April 9 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
INDIAN FUEL RETAILERS ARE BUYING DIESEL AT DISCOUNTED RATES FROM REFINERS - INDUSTRY SOURCE
Further company coverage: BPCL.NS
(([email protected];))
April 9 (Reuters) - Bharat Petroleum Corporation Ltd BPCL.NS:
INDIAN FUEL RETAILERS ARE BUYING DIESEL AT DISCOUNTED RATES FROM REFINERS - INDUSTRY SOURCE
Further company coverage: BPCL.NS
(([email protected];))
March 31 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MRPL - GETS TAX ORDER FOR DEMAND 109.7 MILLION RUPEES, PENALTY 127.9 MILLION RUPEES
Source text: ID:nNSE1sLg6N
Further company coverage: MRPL.NS
(([email protected];;))
March 31 (Reuters) - Mangalore Refinery and Petrochemicals Ltd MRPL.NS:
MRPL - GETS TAX ORDER FOR DEMAND 109.7 MILLION RUPEES, PENALTY 127.9 MILLION RUPEES
Source text: ID:nNSE1sLg6N
Further company coverage: MRPL.NS
(([email protected];;))
Traders expect tight supply in summer due to prolonged war
Asian gasoline margin quadruples from pre-war to about $37/bbl
By Mohi Narayan and Ahmad Ghaddar
NEW DELHI/LONDON, March 23 (Reuters) - European and U.S. gasoline cargoes are heading to the Asia Pacific after Asian prices surged on tightening supply due to the U.S.-Israeli war with Iran, according to trade sources and shipping data.
The war has disrupted crude and oil product shipments from the Middle East to Asia, causing Asian refineries to cut output and forcing fuel distributors to seek supply from as far as the United States and buy more Russian fuel.
The extra shipping costs will exacerbate already soaring fuel prices for consumers and businesses.
At least three gasoline cargoes totalling about 1.6 million barrels have loaded last week from Europe for Asia, according to traders and ship tracking data from Kpler, as companies including Vitol and TotalEnergies TTEF.PA ship the fuel to the East to cash in on better margins in Asia.
Vitol and TotalEnergies declined to comment.
Earlier, Exxon Mobil XOM.N booked U.S. gasoline cargoes for Australia.
Europe typically only sends small parcels of gasoline to the East of Suez markets, while its key markets are the U.S., Latin America and West Africa.
Asian refiners' profits from making a barrel of gasoline GL92-SIN-CRK from Brent crude are hovering near 2022 highs of about $37 a barrel over Brent crude last week versus $8 before the war.
"One key factor is refinery behaviour under crude supply uncertainty. As disruptions around the Strait of Hormuz increase feedstock risk, some refiners are becoming more cautious about run rates or export commitments," Nithin Prakash, analyst at consultancy Rystad Energy, said.
Even if inventories currently appear comfortable, lower refining throughput could tighten the supply outlook and support gasoline margins, he said.
Singapore inventories of light distillates, which include gasoline and naphtha, are about 6% higher than the same time last year, at 17.93 million barrels, LSEG data showed. STKLD-SIN
REGIONAL SUPPLY FALLS
Gasoline supply from within the region is falling as shipments from top fuel exporter South Korea are expected to drop to between 5 million and 6 million barrels in March from a three-month average of about 10 million barrels, preliminary Kpler and LSEG data showed.
China, another big supplier, has banned fuel exports to shore up its domestic market. Thailand and Vietnam have also restricted fuel exports.
Traders are now pinning their hopes on Asia's second largest fuel exporter, India, which typically sends about 40% of its monthly shipments of between 7 million and 8 million barrels to the Middle East, to pivot to the East.
India typically sends about 22% of its gasoline to Asia, LSEG data showed. However, the country's gasoline exports have plummeted to about 5 million to 6 million barrels in March from around 12 million barrels last month, preliminary LSEG and Kpler data showed, as state-run Mangalore Refinery and Petrochemicals MRPL.NS has temporarily suspended cargo loadings.
Vessel | Load port | Discharge port | Volume (bbl) | Load date | Charterer |
Maui | Ventspils | Singapore | 770,000 | March 18 | Vitol |
Metro Mistral | Amsterdam | Karachi | 500,000 | March 14 | TotalEnergies |
ST Connaught | Amsterdam | Singapore | 400,000 | March 17 | NA |
Source: Kpler and shipping data from traders | |||||
Asian gasoline margin surges to multi-year highs https://tmsnrt.rs/3PJLlvg
(Reporting by Mohi Narayan in New Delhi, Ahmad Ghaddar and Enes Tunagur in London, and Shariq Khan in New York; Editing by Sonali Paul)
Traders expect tight supply in summer due to prolonged war
Asian gasoline margin quadruples from pre-war to about $37/bbl
By Mohi Narayan and Ahmad Ghaddar
NEW DELHI/LONDON, March 23 (Reuters) - European and U.S. gasoline cargoes are heading to the Asia Pacific after Asian prices surged on tightening supply due to the U.S.-Israeli war with Iran, according to trade sources and shipping data.
The war has disrupted crude and oil product shipments from the Middle East to Asia, causing Asian refineries to cut output and forcing fuel distributors to seek supply from as far as the United States and buy more Russian fuel.
The extra shipping costs will exacerbate already soaring fuel prices for consumers and businesses.
At least three gasoline cargoes totalling about 1.6 million barrels have loaded last week from Europe for Asia, according to traders and ship tracking data from Kpler, as companies including Vitol and TotalEnergies TTEF.PA ship the fuel to the East to cash in on better margins in Asia.
Vitol and TotalEnergies declined to comment.
Earlier, Exxon Mobil XOM.N booked U.S. gasoline cargoes for Australia.
Europe typically only sends small parcels of gasoline to the East of Suez markets, while its key markets are the U.S., Latin America and West Africa.
Asian refiners' profits from making a barrel of gasoline GL92-SIN-CRK from Brent crude are hovering near 2022 highs of about $37 a barrel over Brent crude last week versus $8 before the war.
"One key factor is refinery behaviour under crude supply uncertainty. As disruptions around the Strait of Hormuz increase feedstock risk, some refiners are becoming more cautious about run rates or export commitments," Nithin Prakash, analyst at consultancy Rystad Energy, said.
Even if inventories currently appear comfortable, lower refining throughput could tighten the supply outlook and support gasoline margins, he said.
Singapore inventories of light distillates, which include gasoline and naphtha, are about 6% higher than the same time last year, at 17.93 million barrels, LSEG data showed. STKLD-SIN
REGIONAL SUPPLY FALLS
Gasoline supply from within the region is falling as shipments from top fuel exporter South Korea are expected to drop to between 5 million and 6 million barrels in March from a three-month average of about 10 million barrels, preliminary Kpler and LSEG data showed.
China, another big supplier, has banned fuel exports to shore up its domestic market. Thailand and Vietnam have also restricted fuel exports.
Traders are now pinning their hopes on Asia's second largest fuel exporter, India, which typically sends about 40% of its monthly shipments of between 7 million and 8 million barrels to the Middle East, to pivot to the East.
India typically sends about 22% of its gasoline to Asia, LSEG data showed. However, the country's gasoline exports have plummeted to about 5 million to 6 million barrels in March from around 12 million barrels last month, preliminary LSEG and Kpler data showed, as state-run Mangalore Refinery and Petrochemicals MRPL.NS has temporarily suspended cargo loadings.
Vessel | Load port | Discharge port | Volume (bbl) | Load date | Charterer |
Maui | Ventspils | Singapore | 770,000 | March 18 | Vitol |
Metro Mistral | Amsterdam | Karachi | 500,000 | March 14 | TotalEnergies |
ST Connaught | Amsterdam | Singapore | 400,000 | March 17 | NA |
Source: Kpler and shipping data from traders | |||||
Asian gasoline margin surges to multi-year highs https://tmsnrt.rs/3PJLlvg
(Reporting by Mohi Narayan in New Delhi, Ahmad Ghaddar and Enes Tunagur in London, and Shariq Khan in New York; Editing by Sonali Paul)
Adds Sinochem
By Ruth Chai
March 21 (Reuters) - A growing number of refineries and petrochemical companies, mostly in Asia, have cut runs, shut units or declared force majeure as the U.S.-Israeli war on Iran disrupts crude and feedstock exports from the Middle East.
Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.
It takes up to two weeks to restart a steam cracker unit, two operators said, and plants typically don't keep more than one month of feedstock on hand.
Here are some of the latest developments:
CHINA
* State-owned Sinochem has cut crude throughput at its only refinery in southeast China's Quanzhou to around 60%, with some saying it is seeking prompt crude deliveries to cover a supply gap in Middle Eastern oil.
The refiner also reduced operations at its one million-ton-per-year steam cracker to approximately 60%.
* Sinopec, the world's biggest refiner by capacity, is also seeking to cut throughput this month by more than 10% from an original plan in response to a supply gap caused by the war in the Middle East, according to sources familiar with its operations.
Throughput is likely to fall by 600,000 to 700,000 barrels per day (bpd) on average in March, the two sources estimated, adding that the cuts excluded losses from plant maintenance that was planned before the war began on February 28.
* China's Wanhua Chemical 600309.SS has declared force majeure to its Middle East customers, a company representative said.
Its two crackers, with a total ethylene production capacity of 2.2 million metric tons per year, are still running at high rates for now, according to two sources familiar with the matter. The company declined to comment on whether production at the two crackers was cut.
* Shell's SHEL.L south China petrochemical joint venture with China's CNOOC plans to shut a steam cracker soon and told domestic customers it is unable to supply some products, two sources told Reuters.
CNOOC and Shell Petrochemicals Co Ltd, or CSPC, plans to close a 1.2-million-ton-per-year (tpy) cracker in Huizhou, one of its two crackers with a total capacity of 2.2 million tpy, due to disruptions in feedstock supplies, the sources said.
* Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco 2222.SE, shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply.
* Another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical Co, or FREP, shut its 80,000-bpd crude unit - its smallest - for an unspecified amount of time, two industry sources said.
* China has also urged refiners to suspend signing new contracts to export fuel, and to try to cancel shipments already committed, sources said.
JAPAN
Japanese refineries cut utilization rates to 69.1% in the week to March 14 from 77.6% a week earlier and from more than 80% before the start of the Middle East conflict, data from the Petroleum Association of Japan showed.
Japan's gasoline stocks fell nearly 10%, while jet fuel, kerosene and diesel stocks were down 3%, 12% and 1% respectively, PAJ data showed.
* Japan's Mitsui Chemicals 4183.T started to cut ethylene production in Osaka and Chiba due to a drop in naphtha supplies.
* Mitsubishi Chemical 4188.T on March 9 started to cut ethylene production at its plant in Ibaraki.
* Sumitomo Chemical Asia said it issued a force majeure notice this week for methyl methacrylate production after its feedstock supplier, Singapore petrochemical firm PCS, declared force majeure on shipments.
MALAYSIA
Malaysia's Pengerang Refining (Prefchem), a joint venture between Petronas and Saudi Aramco 2222.SE, shut its 300,000-barrel-per-day (bpd) crude unit due to a lack of crude feedstock, sources said.
More than 70% of Prefchem's seaborne crude imports last year came via the Strait of Hormuz, according to Kpler ship-tracking data.
SINGAPORE
* Singapore Refining Co (SRC) has cut refinery runs at its 290,000-bpd Jurong Island site in Singapore to around 60% and is likely to maintain reduced runs until the end of the month, sources said.
SRC has cut or delayed March naphtha deliveries to at least two offtakers, sources said.
* Also on Jurong Island, a 592,000-bpd site owned by ExxonMobil XOM.N has cut crude runs to around 50% or lower from around 80% or more, sources said.
The refinery has sourced around 65% of its crude via the Strait of Hormuz this year, Kpler ship-tracking data showed.
* Earlier, Singapore petrochemical firm PCS declared force majeure on shipments, according to a letter reviewed by Reuters and sources.
* Singapore refiner and petrochemical major Aster Chemicals and Energy declared force majeure, a company spokesperson said.
Products covered by the force majeure include ethylene and propylene. Aster's steam cracker was running at around 50% on March 6, having restarted at the end of February, sources said.
TAIWAN
Taiwan's Formosa Petrochemical Corp has issued a force majeure notice on some of its petrochemical supplies, an FPCC spokesperson said.
The refiner's No.2 and No.3 crackers are still operating at around 70%, and the company will consider shutting one cracker if naphtha stock is insufficient.
BAHRAIN
Bapco Energies declared force majeure on its group operations, following a recent attack on its refinery complex, the company said.
THAILAND
Thai petrochemicals firm Rayong Olefins, a unit of Siam Cement Group, declared force majeure due to the Middle East conflict, according to a copy of a letter seen by Reuters.
INDIA
India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-bpd refinery due to oil shortage, sources said.
SOUTH KOREA
South Korean petrochemical company Yeochun NCC has cut its output and declared force majeure on its supply as it is unable to receive naphtha feedstock due to the Strait of Hormuz blockade, according to a source and a company letter reviewed by Reuters.
INDONESIA
Indonesian petrochemical producer Chandra Asri TPIA.JK has declared force majeure on all contracts as the Middle East conflict disrupted its raw material supply, it said in a statement.
VIETNAM
Vietnam's Binh Son Refining and Petrochemical asked the government to prioritize supplying domestically produced crude oil to its Dung Quat Refinery while limiting crude exports until at least the end of the third quarter this year to ensure national security, it said in a statement.
(Reporting by Ruth Chai; Editing by Tony Munroe, Diti Pujara, Mark Potter, Andrei Khalip and Thomas Derpinghaus)
(([email protected];))
Adds Sinochem
By Ruth Chai
March 21 (Reuters) - A growing number of refineries and petrochemical companies, mostly in Asia, have cut runs, shut units or declared force majeure as the U.S.-Israeli war on Iran disrupts crude and feedstock exports from the Middle East.
Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.
It takes up to two weeks to restart a steam cracker unit, two operators said, and plants typically don't keep more than one month of feedstock on hand.
Here are some of the latest developments:
CHINA
* State-owned Sinochem has cut crude throughput at its only refinery in southeast China's Quanzhou to around 60%, with some saying it is seeking prompt crude deliveries to cover a supply gap in Middle Eastern oil.
The refiner also reduced operations at its one million-ton-per-year steam cracker to approximately 60%.
* Sinopec, the world's biggest refiner by capacity, is also seeking to cut throughput this month by more than 10% from an original plan in response to a supply gap caused by the war in the Middle East, according to sources familiar with its operations.
Throughput is likely to fall by 600,000 to 700,000 barrels per day (bpd) on average in March, the two sources estimated, adding that the cuts excluded losses from plant maintenance that was planned before the war began on February 28.
* China's Wanhua Chemical 600309.SS has declared force majeure to its Middle East customers, a company representative said.
Its two crackers, with a total ethylene production capacity of 2.2 million metric tons per year, are still running at high rates for now, according to two sources familiar with the matter. The company declined to comment on whether production at the two crackers was cut.
* Shell's SHEL.L south China petrochemical joint venture with China's CNOOC plans to shut a steam cracker soon and told domestic customers it is unable to supply some products, two sources told Reuters.
CNOOC and Shell Petrochemicals Co Ltd, or CSPC, plans to close a 1.2-million-ton-per-year (tpy) cracker in Huizhou, one of its two crackers with a total capacity of 2.2 million tpy, due to disruptions in feedstock supplies, the sources said.
* Zhejiang Petrochemical Corp, a major Chinese refiner backed by Saudi Aramco 2222.SE, shut a 200,000-barrel-per-day unit, bringing forward maintenance in response to the Middle East conflict's impact on crude supply.
* Another Chinese refiner backed by Aramco, Fujian Refining and Petrochemical Co, or FREP, shut its 80,000-bpd crude unit - its smallest - for an unspecified amount of time, two industry sources said.
* China has also urged refiners to suspend signing new contracts to export fuel, and to try to cancel shipments already committed, sources said.
JAPAN
Japanese refineries cut utilization rates to 69.1% in the week to March 14 from 77.6% a week earlier and from more than 80% before the start of the Middle East conflict, data from the Petroleum Association of Japan showed.
Japan's gasoline stocks fell nearly 10%, while jet fuel, kerosene and diesel stocks were down 3%, 12% and 1% respectively, PAJ data showed.
* Japan's Mitsui Chemicals 4183.T started to cut ethylene production in Osaka and Chiba due to a drop in naphtha supplies.
* Mitsubishi Chemical 4188.T on March 9 started to cut ethylene production at its plant in Ibaraki.
* Sumitomo Chemical Asia said it issued a force majeure notice this week for methyl methacrylate production after its feedstock supplier, Singapore petrochemical firm PCS, declared force majeure on shipments.
MALAYSIA
Malaysia's Pengerang Refining (Prefchem), a joint venture between Petronas and Saudi Aramco 2222.SE, shut its 300,000-barrel-per-day (bpd) crude unit due to a lack of crude feedstock, sources said.
More than 70% of Prefchem's seaborne crude imports last year came via the Strait of Hormuz, according to Kpler ship-tracking data.
SINGAPORE
* Singapore Refining Co (SRC) has cut refinery runs at its 290,000-bpd Jurong Island site in Singapore to around 60% and is likely to maintain reduced runs until the end of the month, sources said.
SRC has cut or delayed March naphtha deliveries to at least two offtakers, sources said.
* Also on Jurong Island, a 592,000-bpd site owned by ExxonMobil XOM.N has cut crude runs to around 50% or lower from around 80% or more, sources said.
The refinery has sourced around 65% of its crude via the Strait of Hormuz this year, Kpler ship-tracking data showed.
* Earlier, Singapore petrochemical firm PCS declared force majeure on shipments, according to a letter reviewed by Reuters and sources.
* Singapore refiner and petrochemical major Aster Chemicals and Energy declared force majeure, a company spokesperson said.
Products covered by the force majeure include ethylene and propylene. Aster's steam cracker was running at around 50% on March 6, having restarted at the end of February, sources said.
TAIWAN
Taiwan's Formosa Petrochemical Corp has issued a force majeure notice on some of its petrochemical supplies, an FPCC spokesperson said.
The refiner's No.2 and No.3 crackers are still operating at around 70%, and the company will consider shutting one cracker if naphtha stock is insufficient.
BAHRAIN
Bapco Energies declared force majeure on its group operations, following a recent attack on its refinery complex, the company said.
THAILAND
Thai petrochemicals firm Rayong Olefins, a unit of Siam Cement Group, declared force majeure due to the Middle East conflict, according to a copy of a letter seen by Reuters.
INDIA
India's Mangalore Refinery and Petrochemicals MRPL.NS has shut a crude unit and some secondary units at its 300,000-bpd refinery due to oil shortage, sources said.
SOUTH KOREA
South Korean petrochemical company Yeochun NCC has cut its output and declared force majeure on its supply as it is unable to receive naphtha feedstock due to the Strait of Hormuz blockade, according to a source and a company letter reviewed by Reuters.
INDONESIA
Indonesian petrochemical producer Chandra Asri TPIA.JK has declared force majeure on all contracts as the Middle East conflict disrupted its raw material supply, it said in a statement.
VIETNAM
Vietnam's Binh Son Refining and Petrochemical asked the government to prioritize supplying domestically produced crude oil to its Dung Quat Refinery while limiting crude exports until at least the end of the third quarter this year to ensure national security, it said in a statement.
(Reporting by Ruth Chai; Editing by Tony Munroe, Diti Pujara, Mark Potter, Andrei Khalip and Thomas Derpinghaus)
(([email protected];))
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Popular questions
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What does MRPL do?
Mangalore Refinery and Petrochemicals Limited (MRPL) is a Category 1 Miniratna Central Public Sector Enterprise in Karnataka, India. It specializes in crude oil refining with high flexibility and collaboration with ONGC Mangalore Petrochemicals Limited (OMPL).
Who are the competitors of MRPL?
MRPL major competitors are Chennai Petrol. Corp, HPCL, Bharat PetroleumCorp, Indian Oil Corpn., Reliance Industries. Market Cap of MRPL is ₹29,409 Crs. While the median market cap of its peers are ₹1,32,455 Crs.
Is MRPL financially stable compared to its competitors?
MRPL seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does MRPL pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. MRPL latest dividend payout ratio is 36.43% and 3yr average dividend payout ratio is 25.52%
How has MRPL allocated its funds?
Companies resources are allocated to majorly unproductive assets like Inventory
How strong is MRPL balance sheet?
Balance sheet of MRPL is strong. But short term working capital might become an issue for this company.
Is the profitablity of MRPL improving?
Yes, profit is increasing. The profit of MRPL is ₹3,103 Crs for TTM, ₹1,925 Crs for Mar 2026 and ₹56.2 Crs for Mar 2025.
Is the debt of MRPL increasing or decreasing?
Yes, The net debt of MRPL is increasing. Latest net debt of MRPL is ₹13,113 Crs as of Mar-26. This is greater than Mar-25 when it was ₹12,805 Crs.
Is MRPL stock expensive?
MRPL is not expensive. Latest PE of MRPL is 9.19, while 3 year average PE is 35.22. Also latest EV/EBITDA of MRPL is 5.78 while 3yr average is 7.8.
Has the share price of MRPL grown faster than its competition?
MRPL has given better returns compared to its competitors. MRPL has grown at ~7.38% over the last 10yrs while peers have grown at a median rate of 7.06%
Is the promoter bullish about MRPL?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in MRPL is 88.58% and last quarter promoter holding is 88.58%.
Are mutual funds buying/selling MRPL?
The mutual fund holding of MRPL is increasing. The current mutual fund holding in MRPL is 0.31% while previous quarter holding is 0.28%.