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The Dollar Business Bureau   The Indian petcoke demand offers have been on a high without any sign of imminent downward correction. Though there have been import offers from US and Saudi Arabia, Indian importers have strongly resisted them as most were not ready to pay more than $86/MT on cost and freight rates in India.   Saudi Arabia is likely to decrease its supply as Yashref, a major refiner in the region, has planned for maintenance shut-down of its 400,000 barrels per day refinery in the Yanbu Industrial City from Nov’16 to the Dec’16. The refinery processes low cost Arabian crude oil, and produces Petcoke, among other by-products, for export.   Reliance Industries Limited (RIL), India's largest producer of pet coke in the country  revised ...

The Dollar Business Bureau In order to clear previous oil dues to Iran, Mangalore Refinery and Petrochemicals Limited (MRPL) and Indian Oil Corporation Limited (IOC) have paid $330 million as second tranche payment through German bank Europaisch-Iranische Handelsbank AG (EIH). MRPL and IOC, last month made a payment of $750 million to Iran and have now paid over $330 million this month through the German bank. According to sources, MRPL, which has to pay Iran $2.6 billion before the month of May, has made a payment of $300 million this month and $500 million last month. IOC paid another $30 million above its $250 million payment made in May. The company had $560 million dues before the payment cycle began. Essar Oil, ...

The Dollar Business Mangalore Refinery and Petrochemicals (MRPL) on Thursday announced that they are willing to pay the dues of oil imported from Iran as soon as the banking channels become available. MRPL and other refineries were enjoying the free-shipping modalities that Iran had extended, when the west had imposed sanctions against it. H Kumar, MRPL Managing Director told the media that as the sanctions on Iran were now lifted, there would be clarity in the payment channels. He also added that as soon as the banking channels are cleared, MRPL will make the payments. He was responding to the issue of clearing $6.5 billion oil dues to Iran by Indian refiners that also included MRPL.  Responding to the reasons for deferring payments, Kumar said, during ...

Source: PTI Indian refiners, including MRPL and Essar Oil, will pay Iran the first tranche of $700 million on Wednesday to clear nearly a tenth of outstanding oil dues. Mangalore Refinery and Petrochemicals Ltd (MRPL) will pay $300 million and a similar tranche may follow next month. Essar Oil will clear a little over $300 million in dues on September 30, top sources said. HPCL-Mittal Energy Ltd (HMEL) and Hindustan Petroleum Corp Ltd (HPCL) will be the other refiners to clear their part of the outstanding on Wednesday. Sources said the refiners will deposit rupee equivalent of $700 million in Kolkata-based UCO Bank which will then transmit the money to Reserve Bank of India (RBI). RBI will make arrangements for its ...