‘A firm plan in place to diversify crude basket’: SM Vaidya, IOCL chairman

SM Vaidya, IOCL chairman

State-run Indian Oil Corporation reported a web revenue of Rs 21,836 crore for the fiscal ended March 31, which is the very best annual revenue ever reported by the oil refining and advertising and marketing firm. Whereas interacting with the media after the end result announcement, chairman SM Vaidya mentioned that IOCL has “a agency plan in place to diversify the crude basket in order that we’re capable of get crude from all of the geographies of the world”. Excerpts from the interplay:

On auto gasoline demand:
In April, 2020, the refinery run charge was 49%, Could, 2020 was 67% and in June it had recovered to 90%. FY21 noticed refinery runs of 89.5%. In April, we had a refinery run charge of 96.1%, and until Could 17, the refinery runs are at 84%. So that’s how the refinery runs have been reacting this 12 months. So, the demand destruction is to not the extent because it was seen final 12 months. When demand will return to normalcy is a really troublesome query to reply. We’ve got misplaced about 15-20% of the gasoline demand, particularly in petrol, diesel. Aviation turbine gasoline remains to be a great distance from restoration.

On asset monetisation plans:
For IOCL, we now have narrowed all the way down to the hydrogen producing models at Gujarat refinery. Ultimately, regardless of the targets that the federal government has set for us within the first part, we will likely be monetising all of the hydrogen models throughout all of the refineries. To start with, it’s the Gujarat refinery hydrogen models, every with a capability of 70,000 tonne each year.

On upcoming greenfield Nagapattinam refinery:
We’re looking out for a strategic companion for the upcoming Nagapattinam refinery in Tamil Nadu, and the method remains to be on, and we now have not narrowed all the way down to anyone as but. (IOCL’s board has accepted the organising a 9 MT each year capability refinery at Nagapattinam. The mission, with an estimated gross worth of `31,500 crore will likely be constructed collectively with IOCL subsidiary Chennai Petroleum Corporation, with each the entities investing in 25% stake every within the upcoming refinery. The corporate is on the lookout for a strategic companion to put money into the remaining stake.)

On refinery enlargement:
We’ve got upcoming 9 MTPA greenfield refinery at CPCL (Nagapattinam), Panipat refinery enlargement from 15 MTPA to 25 MTPA, Gujarat refinery enlargement from 13.7 MTPA to 18 MTPA and on Wednesday the board accepted the Guwahati refinery enlargement from 1 MTPA to 1.2 MTPA. Baruani enlargement from 6 MTPA to 9 MTPA is already underway. The Bongaigaon refinery will develop to 2.7 MTPA to three MTPA. And there are newly accepted tasks of `1 lakh crore in subsequent 4-5 years.