Machinery Lubrication India Jan Feb 14 10 | Page 37

MLI

REPORT
DHIREN SHAH

Base Oil Report
Crude Oil imports of India are targeted
around 9.5 million tonnes from Iran
during 2014-15. India is targeting 11
million tonnes of crude oil import this
fiscal despite buying only 5.82 million
tonnes of crude oil from the Islamic
nation during the first eight months
of current fiscal. India, which has
been since last year cutting imports
from Iran after US and European
nations' sanctions made shipments
and payments difficult, imported 13.14
million tonnes of crude oil from Iran
in 2012-13, down from 18.11 million
tonnes in the previous year. In November
last year, the US and other western
powers agreed to ease sanctions
against Iran that would lift ban on
insuring tankers carrying Iranian crude
as well as open payment channels. As
per the reports, Mangalore Refinery
and Petrochemicals Ltd will import

4 million tons of crude from Iran this
fiscal while Indian Oil Corp (IOC) has
contracted 1.2 million tonnes. Private
sector Essar Oil is likely to import 4
million tonnes. In 2010-11, India had
imported 18.50 million tonnes of crude
oil from the Persian Gulf state. India,
which currently importing crude from
over 30 countries, has not publicly said
it was aiming to cut back oil imports
from Iran but has unofficially asked its
top importers to prune shipments from
Tehran. Iran, which was India's second
biggest supplier of crude oil after Saudi
Arabia in 2010-11, slipped four places
to become its seventh-largest crude oil
supplier in 2012-13.
Indian base oil market remains steady
with inventories at optimum levels with
surplus of imported grades. During
the period July to November 2013,

approximately 894583 MT of base oils
with an average of 178917 per month
of all the grades have been procured
at Indian Ports. Major imports are
from Korea, Singapore, USA, UAE,
Iran, Taiwan, France, UK, Netherlands,
Japan, Italy, Belgium, etc.
Indian State Oil PSU’s IOC/HPCL/
BPCL. prices for SN – 70/N – 70/N-65/
SN – 150/N -150/N – 150 hiked by Rs
0.90 per liter on its basic prices, While
SN - 500/N - 500/MakBase - 500
were marked down by Rs 1.00 per liter.
Bright stock prices were also down
by Rs 2.00 per Liter, effective January
01, 2014 Hefty Discounts are offered
by refiners which are in the range of
Rs. 12.00 – 19.00 per liter for buyers
who commit to lift above 1500 MT.
Group I Base Oil prices for neutrals SN
-150/500 (Russian and Iranian origin)

Month wise Import Of Base Oil in India

baseoilreport.com

250000

225955
202563

200000

191856

193980
180203

167862

161937 164349
139099 138109

143574

150000

143582

154622

100000

50000

0
Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13

Oct-13

Nov-13

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