India refineries run at max on firm demand view, cracks

India refineries run at max on firm demand view, cracks

Mumbai, 25 February (Argus) — India's state-controlled refineries have operated at maximum or higher capacity this month as exports are likely to continue and product cracks are strong, while a pick-up in motor fuel use increased hopes for a robust recovery in demand.

MRPL's 300,000 b/d Mangalore refinery and BPCL's 310,000 b/d Kochi, 240,000 b/d Mumbai and 156,000 b/d Bina refineries are all at more than 100pc of nameplate capacities, market participants close to the refiners told Argus. The country's biggest state-run refiner in terms of capacity, IOC, was running at 99-100pc capacity so far this month. Its 161,000 b/d Haldia refinery, which was undergoing repairs following a fire in December, was also operating at maximum, as were HPCL's 190,000 b/d Mumbai plant and 166,000 b/d Visakhapatnam (Vizag).

IOC plans to defer a maintenance shutdown at its 300,000 b/d Paradip refinery from the April-May period to a later date, and MRPL will defer all maintenance shutdowns at Mangalore planned for the financial year ending March 2023 into the 2023-24 year, market participants said.