Page 10 - AsianOil Week 44

AsianOil
NEWS IN BRIEF
AsianOil
SOUTH ASIA
IndianOilreportsH12019-20 results
IndianOil reported Revenue from Operations of Rs. 2,82,511 crores for the first half of Financial Year 19-20 as compared to Rs. 3,01,313 crores in corresponding period of Financial Year 18-19. The Net Profit for the six months ended 30th September 2019 is lower at Rs. 4,160 crores as compared to Rs. 10,078 crores during the corresponding period mainly on account of lower refining margins, lower inventory gain during current period partly offset by lower exchange losses.
The Revenue from Operations of IndianOil is Rs. 1,32,376 crores in Q2 19-20 as compared to Rs. 1,51,567 crores in the corresponding quarter of FY 18-19. Profit for the second quarter of FY 19-20 is Rs. 564 crores as compared to Rs. 3,247 crores in the corresponding quarter of FY 18-19. The variation is majorly on account of inventory loss during current quarter against inventory gain during corresponding quarter of previous financial year.
IndianOil Chairman, Mr. Sanjiv Singh,
said, “IndianOil sold 44.081 million tonnes of products, including exports, during the first six months of financial year 2019-20. Our refining throughput for first six months of FY 19-20 was 34.820 million tonnes and the throughput of the Corporation’s countrywide pipelines network was 43.600 million tonnes during the year.
The gross refining margin (GRM) during the first half of year 19-20 was US$ 2.96 per bbl as compared to US$ 8.45 per bbl in corresponding period of previous financial year.”
For the second quarter of FY 19-20, IndianOil’s product sales volumes, including exports, was 21.423 million tonnes. The refining throughput was 17.537 million tonnes in Q2 19-20 and the throughput of the Corporation’s countrywide pipelines network was 21.749 million tonnes during the same period. INDIANOIL, October 31, 2019
IndianOil commences deliveriesofIMO2020 compliant marine fuel at Indian ports
IndianOil has commenced deliveries of IMO- 2020 compliant Low Sulphur Furnace Oil (LSFO) with 0.5% Sulphur as marine fuel at Indian ports. The first such supply was made on 26th October 2019 to the LPG tanker Berlian Ekuator at Kandla port.
IndianOil has made available LSFO
0.5% S grade marine fuel for immediate deliveries at Kandla and Kochi ports.
Bunker fuel deliveries at other Indian ports Mumbai, Mangalore, Tuticorin, Chennai, Visakhapatnam, Paradip and Haldia shall start by mid-November 2019.
IndianOil had earlier unveiled two new IMO 2020 compliant marine fuel grades as well as a range of marine lubricants specifically formulated and complaint with IMO 2020 Low Sulphur Marine Fuel specifications in Mumbai.
The LSFO 0.5% S grade is produced from sweet crude oil grades with kinematic viscosity in the range of 220-270 cSt and complies
with ISO 8217:2017 RMG380 standard.
This fuel addresses all quality considerations detailed by the International Organization of Standardisation in its recently released ISO 23263:2019 document including the Spot test for Compatibility.
IndianOil is the largest oil refiner and marketer in India. With extensive refining, distribution & marketing infrastructure and advanced R&D facilities, IndianOil endeavours to ensure India’s energy security and self- sufficiency in refining & marketing of petroleum products for past six decades, providing energy access to millions of people across the length and breadth of the country including the 7517 kms long Indian coastline.
INDIANOIL, October 31, 2019
Petronet LNG posts quarterlyresults
During the quarter ended 30th September, 2019, Dahej terminal operated at around 108% of its expanded name plate capacity (17.50 MMTPA) and processed 240 TBTU of LNG as against 217 TBTU processed during the previous quarter and 211 TBTU processed during the corresponding quarter. The overall LNG volume processed by the Company in the current quarter was 250 TBTU, as against the LNG volume processed in the previous and corresponding quarter, which stood at 226 TBTU and 217 TBTU respectively.
The Company has reported PBT of Rs 885 Crore in the current quarter, as against Rs 838 Crore in the previous quarter and Rs 867 Crore in the corresponding quarter, registering a growth of 5.60% and 2.00 % respectively.
The PAT for the current quarter was reported at Rs 1,103 Cr as against the PAT of the previous quarter and corresponding quarter i.e. Rs 560 Crore and Rs 563 Crore respectively, registering a growth of 97% and 96% respectively.
Pursuant to the introduction of the lower
tax rates for corporates by the Government of India for FY 2019-20, the Company has taken the benefit of lower corporate tax rate of 22% (as against 30%), in the current quarter. Due to the same, there is a reversal of deferred tax liability of Rs 380 Cr. PAT is higher than PBT, due to reduction in corporate tax rate on current as well as deferred tax liability.
The higher financial results in Q2, 2019-
20, is due to higher volumes processed at the Dahej Terminal on account of better efficiency in operations and higher utilization of the expanded nameplate capacity of 17.50 MMTPA. PETRONET LNG, October 29, 2019
SOUTHEAST ASIA
Total sells its interest in Brunei block
Total has signed an agreement to sell wholly owned subsidiary Total E&P Deep Offshore Borneo BV — which holds an 86.95% interest in Block CA1, located 100 kilometers off the coast of Brunei — to Shell1 for $300 million. The transaction is subject to approval by the competent authorities and is expected to close by December 2019.
“This transaction fits with our strategy
of actively managing our portfolio and will contribute to our program to dispose of $5 billion of non-core assets over the period 2019-2020,” said Arnaud Breuillac, President Exploration & Production at Total.
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Week 45 06•November•2019