RIL plans Jamnagar unit maintenance first week of Feb
SINGAPORE (Reuters) - Reliance Industries is planning to move forward its maintenance at a crude distillation unit (CDU) at its 580,000 barrels-per-day (bpd) Jamnagar refinery by about a week to February 6 or 7, traders said on Monday.
When contacted, Reliance's spokesman was unable to comment on the matter.
Traders said the CDU at the export-oriented newer complex will shut for a maximum of 25 days. The maintenance was initially planned for January but it was later postponed to around February 15.
Reliance's maintenance is being scheduled just as Indian diesel demand is picking up slightly, which could curb supply and boost margins, traders said.
Essar Oil offered only one diesel cargo for January loading, after selling three cargoes for December. The company has yet to offer a cargo for February.
This is likely due to a pick-up in diesel demand in India, where it is used in the industrial, agricultural and transport sectors and closely follows the country's economic health.
India's economy will gather steam this year after its worst performance in a decade as a slew of reforms take hold and the central bank eases policy to spur growth, a Reuters poll found.
Asian gasoil margins have stayed above $19 a barrel since November, last year. They could go higher from the second quarter as maintenance season begins, traders said.
Reliance operates another plant in Jamnagar which has a capacity of 660,000 bpd. The site was hit by a fire last month that brought down on the refinery's CDUs for about a week.
(Reporting by Seng Li Peng and Jessica Jaganathan; Editing by Tom Hogue)
- Tweet this
- Share this
- Digg this
- Govt considers ban on e-cigarettes, sale of single smokes
- Islamic State fighters kill 220 Iraqis from tribe that opposed them
- PM Modi boots officials out of the first class cabin
- PRECIOUS-Gold, silver tumble to four-year lows as dollar rallies
- FOREX-Dollar boosted by U.S. growth, more hawkish Fed tone
Shares Hit Record
The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro. Full Article
China's shadow banking sector growing rapidly, third largest in world - FSB. Full Article