Indian Oil Corp’ Singapore arm starts trading in crude oil: report

Indian Oil Corporation Ltd, the country's top refiner and fuel retailer, today opened trading in crude oil through its Singapore unit, buying a million barrels of Nigerian oil Akpo.

IOCL Singapore Pvt Ltd bought the parcel from Total for December 8-17 loading, reports quoting AK Sharma, chief financial officer of the company, as saying.

"We have got a very good deal," Sharma told Reuters, adding the cargo will be co-loaded with a million barrels of Angola`s Girassol oil, which the refiner has procured under a term deal.

Indian Oil Corp is also reported to have bought a million barrels of Angola's Girassol oil, which the refiner has procured under a term deal.

IOCL Singapore plans to ramp up trading operations in Singapore by gradually increasing its workforce in line with transactions from the city state, the report said.

Indian Oil Corporation reported income from operations of Rs2,38,828 crore for the first half of FY 17-18 against Rs2,07,458 crore in corresponding period of FY 16-17. Net profit for the half year ended 30 September 2017 stood at Rs8,245 crore against Rs11,391 crore during the corresponding period of the previous year, due mainly to inventory losses during the current period as against inventory gains during first half of FY 16-17.

The reported income from operations of Indian Oil stood at Rs1,10,637 crore in Q2 17-18 compared to Rs1,00,260 crore in the corresponding quarter of FY 16-17. Profit for the second quarter of FY 17-18 is at Rs3,696 crore against a profit of Rs3,122 crore in the corresponding quarter of FY 16-17.

''IndianOil sold 43.394 million tonnes of products, including exports, during the first six months of 2017-18. Our refining throughput for H1 17-18 was 33.617 million tonnes and the throughput of the Corporation's countrywide pipelines network was 40.696 million tonnes during the same period. The gross refining margin (GRM) during the period April-September 2017 was $6.08 per bbl compared to $7.19 per bbl in corresponding period of FY 16-17,'' IndianOil chairman Sanjiv Singh, said.

For the second quarter of FY 17-18, IndianOil's product sales volumes, including exports, was 20.886 million tonnes. The refining throughput was 16.096 million tonnes in Q2 FY 17-18 and the throughput of the Corporation's countrywide pipelines network was 19.345 million tonnes during the same period. The gross refining margin (GRM) for the second quarter of FY 17-18 was US$ 7.98 per bbl as compared to US$ 4.32 per bbl in the corresponding quarter of FY 16-17.