IOC set to export Group II base oils from Haldia

24 October 2007 16:10  [Source: ICIS news]

DUBAI (ICIS news)--Indian Oil Corporation (IOC) has plans to start exporting 20,000-30,000 tonnes/year of Group II base oils from its Haldia refinery “in the near future”, a senior company official said on Wednesday.

 

IOC chief manager (lube exports) Pankaj Andleigh said the company was also eyeing annual and longer-term contracts with prospective buyers in the export market.

 

Andleigh was speaking on “Current Trends in Base Oil Marketing in South Asia” at the Fourth ICIS Middle East Base Oils and Lubricants Conference.

 

Andleigh said parcels of Group I solvent neutral (SN) 150, SN 500 and brightstock were being exported by Indian base oils companies to United Arab Emirates, Bangladesh and Singapore on a FOB (free on board) basis.

 

The sales have increasingly been on FOB basis, although surpluses have been available for spot sales also, he added.

 

Bharat Petroleum Corporation another Indian state-owned oil company, has also been exporting is Group II production to Arab Gulf countries.

 

He said the Indian base oils and lubricating market was estimated at 1.7-1.8m tonnes/year and growing at 4-5%.

 

The total domestic production is around 830,000 tonnes/year, with IOC and its affiliate, Chennai Petroleum, accounting for 470,000 tonnes.

 

The conference concluded in Dubai on 24 October.

By: Shibu Itty Kuttickal
+65 6780 4359

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