Indian Oil Corp (IOC) may consider deferring shutdown of units at some of its refineries to meet local demand. IOC has to re-look at their shutdown plans when Indian fuel demand is rising at a fast face along with international fuel prices, company officials quoted.
Indian refiners are struggling to get a good response to their diesel import tenders as traders are expecting that they could get better price by selling the cargoes to Japan than India. Due to this IOC had called off its award for diesel tender.
Recently, IOC had announced its plans to close some of its secondary units and a naphtha cracker plant at northern Panipat refinery. The company’s biggest refinery is reportedly having a capacity to process 300,000 barrels per day (bpd) crude, while its giant naphtha cracker can annually produce 850,000 tonne of ethylene and 600,000 tonne of propylene in the next fiscal.
The company’s net profit for the quarter ended December 31, 2010 has zoomed by 134.68% at Rs 1634.76 crore as compared to Rs 696.59 crore for the quarter ended December 31, 2009.
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