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Indian Oil second quarter net profit down 83% to Rs 563 crore

November 01/2019

MOSCOW (MRC) -- Indian Oil Corporation (IOC), the countrys largest fuel retailer, has posted an 83 per cent dip in net profit at Rs 563 crore for the second quarter ended September on the back of decreased revenue and fall in gross refinery margins, according to Energy EconomicTimes.

The company had posted a net profit of Rs 3,247 crore for the corresponding quarter ended September 2018.

IOCs revenue from operations declined 13 per cent to Rs 1,32,376 crore during the September quarter.

The fuel retailers gross refining margin dropped to USD2.96 per barrel for the first six months (April-September) of 2019, as compared to $8.45 per barrel posted in the corresponding period a year ago.

Its refinery throughput declined marginally to 17.53 million tonnes (MT) in the second quarter of the current financial year from 17.81 MT posted in the corresponding quarter a year ago.

Domestic sales in the second quarter increased marginally to 20.17 MT, as compared to 19.82 MT posted in the corresponding quarter last fiscal.

As MRC reported earlier, Indian Oil Corp restarted operation at its naphtha cracker in India in early-October, 2019, after completing maintenance works. The cracker was shut in early-September, 2019 for a maintenance turnaround. Located in Panipat, in the northern Indian state of Haryana, the cracker has an ethylene production capacity of 857,000 mt/year and propylene capacity of 425,000 mt/year.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polyprolypele (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,436,390 tonnes in the first eight months of 2019, up by 9% year on year. Shipments of all PE grades increased. At the same time, the PP consumption in the Russian market was 909,260 tonnes in January-August 2019, up by 10% year on year. Shipments of PP block copolymer and homopolymer PP increased.

Indian Oil Corporation Limited, or IndianOil, is an Indian state-owned oil and gas corporation with its headquarters in New Delhi, India.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, PP block copolymer, homopolymer PP, propylene, ethylene, petrochemistry, Indian Oil Corp, India, Russia.
Category:General News
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