A 37% cut expected in Indian Oil Corp’s naphtha exports

State owned Indian Oil Corp. is expected to reduce naphtha exports by about 37% on increased captive consumption with the start up of its US$3.2 bln petrochemicals facility at Panipat. The facility will use more than 2 mln tons of naphtha produced at Panipat, Mathura and Gujarat refineries; when it operates at its full capacity. From levels of 2.7 mln tpa exported in 2008-09, shipments out of the country may drop to about 1.7 mln tpa in 2009-2010. Naphtha shipments from IOC account for over 25% naphtha exports from India. India’s naphtha exports rose 25% this year to 9.6 mln tons in the 12 months to March 2010, and are expected to halve in the subsequent year.
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