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TABLE-India Essar's May Iran imports down over 70 pct- Trade
June 8, 2012 / 9:14 AM / 6 years ago

TABLE-India Essar's May Iran imports down over 70 pct- Trade

By Nidhi Verma	
    June 8 (Reuters) - India's Essar Oil, one of Iran's key Indian clients, has
significantly reduced purchases from the santions-hit nation in May and switched to Latin
American grades, which accounted for about a third of its overall imports during the month,
tanker discharge data made available to Reuters show.	
    Essar, which earlier this week completed an expansion of its Vadinar refinery in western
Gujarat state to double capacity to 400,000 barrels per day (bpd), stepped up imports from Iran
in January-March to meet last fiscal year's commitment and build stocks by July when tighter
sanctions come into effect, making payments, insurance and supplies more uncertain.	
    It bought about 33,000 bpd in May, down more than 70 percent both from April and a year ago.
In April its Iranian oil imports declined by about a quarter from March and 6 percent from a
year ago. Essar got nearly half its crude imports from Iran in January-May.	
      Overall imports by Essar rose 16 percent during January-May, the data shows. The refiner
significantly raised imports from Iraq in May, to replace Iranian volumes.	
    Essar, whose crude slate comprises mainly Middle Eastern grades, also made a rare purchase
of Venezuela's Leona 22 grade and Brazil's Jubarte oil in April-May, as the complexity of its
plant has also been increased to process heavy and ultra heavy grades. 	
    Essar imported about 127,000 bpd oil from Iran in January-May, data showed.	
    	
    Indian refiners cut imports from Iran by 38 percent in May from a year ago, in a second
month of steep reductions as they switch suppliers to cushion the impact of tighter western
sanctions on Tehran. 	
     Following are details of Essar's crude imports in April-May and since the beginning of this
year. Volumes are in 1,000 bpd:
 
------------------------------------------------------------------------------------------------
 Region/     May  April  March  May  April   %chg   %chg   %chg  %chg  Jan-May  Jan-May  %chg
 Country    2012   2012  2012  2011   2011   May/   Apr/   May/  Apr/    2012    2011      yr/
                                              Apr   Mar    May   Apr                        yr
 -----------------------------------------------------------------------------------------------
 
 Bazil       23    --     --     --     --     --     --    --    --      5       --       -- 
 Colombia    36    --     --     --     --     --     --    --    --      7       --       -- 
 Venezuela   --    37     --     --     --   -100     --    --    --      7       --       --  
 Mexico      34    --     66     --     --     --   -100    --    --     20       --       --
 Brunei      --    --     --     --     --     --     --    --    --     --        4     -100
 Iran        33   118    154    121    125    -72    -24   -73    -6    127      110       16
 Iraq       129    66     --     65     --     94     --    99    --     65       40       65
 Qatar       19    13     49     21     --     40    -73   -12    --     23       12       93
 S Arabia    --    --     --     --     61     --     --   --   -100      4       20      -80
 UAE         --    19     19     40     40   -100     -1  -100   -53     20       52      -61
 Nigeria     --    30     --     --     --   -100     --    --    --      6        6        3
 Egypt       --    --     --     --     --    --      --    --    --     --        4     -100	
------------------------------------------------------------------------------------------------
 TOTAL ALL  273   283    287    248     225   -3      -2    10    26     286     247        16
 -----------------------------------------------------------------------------------------------	
 NOTE: The total may not tally as numbers in tonnes have been rounded off after converting them
into barrels per day using a conversion factor 7.2 barrels in a tonne divided by the number of
days. The data does not include purchase of locally produced oil, including Mangala crude from
an onshore block in Rajasthan state. 	
	
 (Reporting By Nidhi Verma; Editing by Jo Winterbottom)

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