Base Oil Report
Reliance Industries will shut for up to four weeks a 330,000-bpd crude oil processing unit at its 660,000-bpd Jamnagar refinery, beginning in the middle of June for planned maintenance. The refinery predominantly supplies refined oil products to the domestic market. Reliance’s Jamnagar site is the world’s largest refining hub, in which the refinery in the Special Economic Zone (SEZ) is the sixth largest in the world with a capacity to process 580,000 bpd of crude oil. The first refinery at the Jamnagar site was built in 1999 and has an installed capacity of 660,000 bpd, selling refined oil products on the domestic market. The refinery at the SEZ was added in 2008 and made the Jamnagar complex the world’s largest oil processing hub. Last year, Reliance increased the capacity of its export-oriented refinery by 30 percent to 704,000 bpd.
As per reports, Saudi Arabia’s oil giant Aramco is in “serious discussions” to buy up to 25 percent of the refining and petrochemicals businesses of Reliance Industries. In recent years, Saudi Arabia has been pursuing downstream deals in Asia—the most prized market for oil exporting nations, aiming to lock in future demand for Saudi crude oil. India, for its part, is a fast-growing demand centre and the world’s third-largest oil consumer after the U.S. and China.
India imported 222,897 MT of Base Oil in March 2019. Base Oil import of India has gone down by 18% in March 2019, as compared to last month i.e. February 2019. Base Oil import of India has gone down by 8% in March 2019, as compared to same period last year i.e. March 2018.
In the month of March 2019, India imported 222897 MT of Base Oil, India imported the huge quantum in small shipments on different ports like 124435 MT (56%) into Mumbai, 24683 MT (11%) into JNPT, 23560 MT (11%) into Hazira, 19859 MT (9%) into Pipavav, 12110 MT (5%) into Chennai, 10393 MT (5%) into Mundra, 6207 MT (3%) into Kolkata, 1261 MT (1%) into Ennore and 390 MT into Other Ports.
| Month | Group I-SN 500 Iran Origin | Group II-N-150 Singapore Origin | N-70 South Korea Origin | Naphthenic HYGOLD L 2000 US Origin |
|---|---|---|---|---|
| March 2019 | 620 – 630 | 715 – 725 | 665 – 675 | 740 – 750 |
| April 2019 | 630 – 640 | 725 – 735 | 675 – 685 | 750 – 760 |
| May 2019 | 635 – 645 | 730 – 740 | 680 – 690 | 755 – 765 |
| Since March 2019, prices have increase in May 2019 by | USD 15 PMT (2%) | USD 15 PMT (2%) | USD 15 PMT (2%) | USD 15 PMT (2%) |
