Page 16 - DMEA Week 20 2021

DMEA NEWS IN BRIEF DMEA

EQUATE steps up to make room for Iranian oil in the second its chairman M. K. Surana told Reuters.
Top refiner Indian Oil Corp (IOC) expects
half of this year, anticipating that U.S.
sustainability efforts with sanctions will be lifted, company officials and to reduce spot purchases and can easily
trading sources said.
process about 2 million tonnes (14.6 million
plastic waste the 2015 Iran nuclear deal and reimposed barrels) of Iranian oil this fiscal year, said a
Former U.S. President Trump abandoned
company source, who declined to be named.
As part of its commitment to long-term sanctions on Tehran in late 2018. An official at Mangalore Refinery and
sustainable development, the EQUATE Until then, Europe and Turkey had Petrochemicals Ltd (MRPL) said his company
Group, a global producer of petrochemicals consumed close to 500,000 barrels per day would also cut spot purchases and buy
and the second largest producer of Ethylene (bpd) of Iranian oil. India, Iran’s biggest client Iranian oil. The resumption of Iranian oil
Glycol in the world, has pledged its allegiance after China, was buying as much as 480,000 supplies will help India replace lower supplies
to the international environmental program bpd in the fiscal year beginning April 2018. from members of the Organization of the
Operation Clean Sweep (OCS). At least one European refiner has held Petroleum Exporting Countries, which have
Stewarded by the Gulf Petrochemicals and in-depth discussions with Iran’s state oil firm curbed output to support oil prices during the
Chemicals Association (GPCA), OCS aims NIOC on resuming purchases and Indian COVID-19 pandemic.
to achieve zero pellets, flake and powder loss refiners say they plan to reduce spot purchases REUTERS
into the environment. By signing the pledge, to make way for Iranian contract barrels.
EQUATE must ensure that OCS sustainable India, the world’s third largest oil consumer
best practice requirements are implemented and importer, halted imports from Tehran FUELS
across its facilities in a bid to eliminate in 2019 after a temporary waiver granted to
accidental loss of pellets during production, some countries expired. Egypt launches first mobile
handling, storage and transportation from the U.S. President Joe Biden’s administration
processing facility to the environment. and Iran have engaged in indirect talks to CNG refuelling station
The OCS pledge is a strong example of revive the pact for Tehran to curb its nuclear
EQUATE’s continuous drive to shrink its activities in exchange for a lifting of sanctions. Egypt launched its first mobile compressed
carbon footprint. The company believes that Iran does not disclose its oil exports data, natural gas (CNG) refuelling station, with a
by further strengthening its accidental loss but assessments based on tanker tracking capacity to supply CNG to 500 vehicles every
processes, it will not only help protect the show exports fell from a peak of 2.8 million 12 hours and a daily capacity of 1,000 vehicles
environment and save valuable resources, bpd to as low as 200,000 bpd in 2018. Analysts when the station has been refilled.
but will also deliver greater added value for a expect Iran to ramp up crude exports to The project is in addition to the ongoing
more competitive, resilient plastics industry. 1.5 million bpd in the fourth quarter when national project to expand the number of
Dr. Abeer Al-Omar, EQUATE Group sanctions are lifted. natural gas service stations to 1,000 by the end
Sustainability Committee Leader said: Several Indian state refiners, whose of 2021, up from the 306 stations currently
“We are dedicated to reducing our impact refineries are suited to the crude, have operating throughout the country.
on the environment, and will continue to committed to buying Iranian oil once Egypt also boasts 100 natural gas
develop and implement stringent operational sanctions are lifted. Indian refiners have raised conversion centres servicing the conversion
processes that contribute to reducing plastic the share of spot purchases to take advantage of 200,000 cars to run on natural gas within
accidental loss.” of cheaper barrels in a surplus market and three years. Since July 2020 the petroleum
EQUATE replaced lost Iranian cargoes with U.S. oil. ministry has successfully converted 42,000
State-run Bharat Petroleum Corp (BPCL), vehicles to run on natural gas, bringing the
which plans to tap the spot market for 45% total number of vehicles running on natural
REFINING of its overall imports, will buy Iranian oil if gas in the country to 360,000 units.
sanctions are lifted, a company spokesman The government has made the conversion
Indian, European refiners said. High sulphur distillate-rich Iranian of vehicles to natural gas a strategic priority
crude suits BPCL’s Kochi refinery and costs
to take advantage of abundant, domestically
get ready to buy Iranian oil $2-$2.5/barrel less than similar grades, he produced natural gas to reduce its fuel
said. Hindustan Petroleum Corporation
import bill and to fulfil its green energy
Indian refiners and at least one European (HPCL) also said it would buy Iranian crude transformation strategy.
refiner are re-evaluating their crude purchases given the right price and economic suitability, BNE

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