Inspectioneering
News

Indian Oil Setting Up Singapore Oil Unit

Reuters, July 3, 2017
Reuters

India's largest refiner Indian Oil Corp is setting up an office in Singapore that will handle crude oil purchases and the sales of oil products from its refineries later this year, trade sources said on Friday. The state-run company is part of a growing group of refiners in Asia that have set up offices in Singapore's oil hub to keep closer tabs on the market and react more quickly to changes.

IOCL Singapore - as the Singapore unit will be named - will initially have two staff to handle some of the crude purchases for its refineries, said the sources, who declined to be named because they are not authorized to speak to the media. IOC, which accounts for over a third of India's 4.6 million barrels per day (bpd) of refining capacity, did not respond to Reuters' request for comment. IOC's head of finance, A.K. Sharma, previously said the company planned to open a Singapore office that would eventually handle the trading of crude oil and refined fuels.

IOC has increased the volume of crude oil it buys in the spot market as its new refinery in Paradip has begun running at full capacity this year, the sources said. Once the Singapore office is up and running, it will help to handle these purchases, they said. At a later stage, the office is also expected to handle the sales of IOC products such as naphtha, diesel and gasoline. IOC will likely export excess reformate or alkylate cargoes from its Paradip refinery, the sources said. The products are typically used as blendstock in gasoline. It may also export jet fuel when the country phases out the use of kerosene in two years, they said. It was not immediately clear whether the products from the Paradip refinery would be sold through the Singapore office.

(Reporting by Florence Tan and Jessica Jaganathan in SINGAPORE, and Nidhi Verma in NEW DELHI; Editing by Tom Hogue)

Click here to read the full article from Reuters.

Copyright 2019 Thomson Reuters. Click for restrictions.

Comments and Discussion

There are no comments yet.

Add a Comment

Please log in or register to participate in comments and discussions.


Inspectioneering Journal

Explore over 20 years of articles written by our team of subject matter experts.

Company Directory

Find relevant products, services, and technologies.

Job Postings

Discover job opportunities that match your skillset.

Case Studies

Learn from the experience of others in the industry.

Event Calendar

Find upcoming conferences, training sessions, online events, and more.

Industry News

Stay up-to-date with the latest inspection and asset integrity management news.

Blog

Read short articles and insights authored by industry experts.

Acronyms

Commonly used asset integrity management and inspection acronyms.

Asset Intelligence Reports

Download brief primers on various asset integrity management topics.

Videos

Watch educational and informative videos directly related to your profession.

Expert Interviews

Inspectioneering's archive of interviews with industry subject matter experts.