SINGAPORE 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)
Glencore speeds up debt reduction with Australian copper mine deal
MELBOURNE Glencore Plc has agreed to sell all the gold and a 30 percent stake in its Ernest Henry copper mine in Australia to Evolution Mining for A$880 million ($670 million), advancing the Swiss giant's effort to pay down debt.
Gold steady as investors await U.S. rate hike clues
Gold was trading in a narrow range on Wednesday as investors waited for clues on whether the U.S. Federal Reserve would hike interest rates this year.
Asia stocks cement gains after recent rally, oil slips
HONG KONG Asian stocks consolidated recent gains on Wednesday, helped by Wall Street's rise overnight, even as oil prices slid after a surprise build in U.S. crude stocks.