IOC to delay unit shut-down at Panipat refinery; will resume spot naphtha exports after a 2 month gap

19-Sep-08

State-owned Indian Oil Corp (IOL) has delayed the maintenance shut down at its 120,000 bpd crude unit at Panipat refinery by three weeks. The Panipat-based crude unit which was initially slated to close down on Sep 18 will now go off line from Oct 10 in order to meet the rising domestic demand during festive season. Also, IOC is resuming offers of spot naphtha for export next month after a gap of two months and will reportedly add to surplus naphtha in the South Asian region. However, the company was expected to cease spot exports up to October lifting because of maintenance at its Panipat and Koyali refineries. According to a tender document, IOC is now offering at least 91,000 tons of naphtha for October loading.