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REFINERY NEWS ROUNDUP: More closures likely in Asia-Pacific | Hellenic Shipping News Worldwide

REFINERY NEWS ROUNDUP: More closures likely in Asia-Pacific After two refineries in Australia have announced plans to close, Ampol, formally known as Caltex Australia, said it will complete the comprehensive review of its Lytton refinery by the end of H1 2021, which would provide an indication on the refinery’s future. The company has said previously that “the review will consider all options for the facility’s operations and for the connected supply chains and markets it serves.” Meanwhile refineries in India have ramped up runs but are still running below pre-pandemic levels. India’s Reliance Industries Ltd recorded a combined run of 96% at its two refineries at Jamnagar in January, down from 99% a year earlier, oil ministry officials said, confirming that the complex was still to attain pre-pandemic levels. For the first 10 months of the current fiscal year combined runs stood at 89.5%, compared with 101% in the April-January period the previous fiscal year, mainly a

REFINERY NEWS ROUNDUP: Maintenance and closures in focus in Asia-Pacific | Hellenic Shipping News Worldwide

REFINERY NEWS ROUNDUP: Maintenance and closures in focus in Asia-Pacific | Hellenic Shipping News Worldwide
hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.

Indian Oil Corporation profit doubles in Q3 on inventory gains

Indian Oil Corporation (IOC) on Friday reported a near doubling of December quarter net profit as rising oil prices yielded inventory gains and a rise in petrochemical margins. Net profit in October-December at Rs 4,916.59 crore was 97 per cent higher than Rs 2,339.02 crore earning in the same period a year back. Net profit increased because of inventory gains and higher petrochemical margin, IOC Chairman Shrikant Madhav Vaidya told reporters here. With international oil prices rising above the rate at which the company had contracted crude oil, IOC logged Rs 2,630 crore of inventory gains in the quarter. He said the company s refineries earned USD 2.19 on turning every barrel of crude oil into fuel in the third quarter as compared a gross refining margin of USD 4.09 a barrel in the same period last year.

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