September 14, 2018 / 7:46 AM / 9 days ago

TABLE-India refiners cutting Iran oil import volumes over Sept, Oct

    NEW DELHI, Sept 14 (Reuters) - Indian refiners are preparing
to cut daily Iranian crude oil imports nearly in half in
September and October compared with the daily imports for
April-August, according to data gathered by Reuters from
industry and trade sources. 
    Even with the reductions for this month and next, India
refiners will still import about 73 percent of their annual
fixed term 2018/19 volumes before the United States reimposes
sanctions on Tehran's oil sector in early November.
    The table below shows the 2018/19 term contracts and
estimated lifting by Indian refiners in April-Aug 2018. The
likely volumes for September and October are converted from
barrel to tonnes using a conversion factor of 7.3. 
    Volumes are in million tonnes. 

              2018/19     2018    % Chg    2018  2018  TOTAL   % Chg
 Company   Fixed  Option  Apr-A  Apr-Aug   Sep   Oct*  Apr-O  Apr-Oct
                          ug     vs fixed              ct     vs fixed
                                                                      
 MRPL        5.5     1.0   2.79      50.6  0.41  0.41   3.61      65.6
                                                                      
 IOC         6.0     1.0   3.01      50.2  0.82  0.82   4.66      77.6
                                                                      
 CPCL        1.0     1.0   0.43      43.1    --  0.14   0.57      57.4
                                                                      
 NAYARA      6.0      --   3.19      53.2  0.14  0.14   3.48      58.0
                                                                      
 BPCL        2.3     2.0   3.06       136  0.14    --    3.2     142.3
                                                                      
 HPCL@       1.0     1.0   0.32      32.1    --    --   0.32      32.1
                                                                      
 TOTAL      21.8     6.0  12.80      58.9  1.52  1.52  15.84      72.8
                                                                      
 RIL^         --      --   0.84        --    --    --   0.84        --
                                                                      
 HMEL^        --      --   0.15        --    --    --   0.15        --
                                                                      
 TOTAL      21.8          13.79      63.4  1.52  1.52  16.82      77.3
 ALL                                                          
  
Note: The total may not tally as numbers in tonnes have been
rounded off 
    * Companies have placed nominations for Oct with National
Iran Oil Company 
    ^ Reliance and HMEL did not sign term deal with Iran for
2018/19 
    @ HPCL has decided to stop buying Iran oil in Sept-Oct due
to insurance problems 
    
    Refiners: 
    IOC  - Indian Oil Corp 
    MRPL - Mangalore Refinery and Petrochemicals Ltd 
    BPCL - Bharat Petroleum Corp Ltd 
    CPCL - Chennai Petroleum Corp Ltd 
    HPCL - Hindustan Petroleum Corp Ltd 
    RIL  - Reliance Industries Ltd 
    HMEL - HPCL-Mittal Energy Ltd 
    

 (Reporting by Nidhi Verma; Editing by Tom Hogue)
  
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