MOSCOW (MRC) -- Indian explorer ONGC Videsh has sold a cargo of Russian Sokol crude for loading in January at the highest premium in 22 mos on robust demand in Asia, reported Reuters with reference to trade sources' statement on Monday.
The 700,000-bbl cargo was sold at a premium of about USD7.50 a bbl to Dubai quotes, the highest since trades registered in January 2020, according to the sources and data on Refinitiv Eikon.
Itochu bought the cargo loading on Jan. 8-14, they said.
ONGC last sold Sokol cargoes for December loading at USD5.30-USD5.90 a bbl.
As MRC informed earlier, India’s state run oil and gas explorer ONGC’s plan to merge its refining subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) with Hindustan Petroleum Corp Ltd (HPCL) has got delayed. The process is now expected to be complete by 2024. The merger was aimed at aligning ONGC’s upstream and downstream operations into two verticals. But ONGC has decided to consolidate its refining and petrochemicals business around MRPL first before going for the merger.
Mangalore Refinery and Petrochemicals Limited (MRPL), is an oil refinery at Mangalore and is a subsidiary of ONGC, set up in 1993. The refinery is located at Katipalla, north from centre of Mangalore city. The refinery was established after displacing five villages of Bala, Kalavar, Kuthetoor, Katipalla, and Adyapadi.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,868,160 tonnes in the first nine months of 2021, up by 18% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.
MRC