IOC said to bar world’s largest oil trader Vitol



Singapore: Indian Oil Corp (IOC) has barred Switzerland-based Vitol, the world’s largest oil trading firm, from participating in its tenders and other government-run refiners may follow suit, three sources with direct knowledge of the matter said. IOC, the country’s biggest refiner, put Vitol Geneva and Vitol Asia Singapore on a list of companies barred from doing business with it from Sept 3 as the trader withdrew and modified a binding offer made in a crude import tender, the sources said. Officials at IOC declined to comment. Vitol, responding to an email, said it never comments on commercial relationships.

IOC has informed other government-run refiners about the move and has asked them to explore the possibility of initiating similar action, the sources said. IOC was at one point the country’s sole crude importer and used to buy oil on behalf of other companies. Government-run firms still work closely on matters such as international trade and retail fuel prices. The ban may allow Vitol’s competitors Glencore and Trafigura, which have significant Indian operations and have invested heavily to build their businesses there, to expand. “Certainly this now opens the door for the likes of Glencore and Trafigura to take over from Vitol’s position in the tenders,” a Singapore-based trader said.

Other government-refiners would consult the oil ministry on suspending Vitol from participating in their tenders, the same sources said. “IOC is like the godfather here, no one messes with it,” a trader said. “On the products side, Vitol is a market leader, it picks up a lot of cargoes from India, so if its bids are not there, others would definitely get an advantage.” The impact of this ban for Vitol would be particularly serious for West African grades, traders said. India imports about 80% of its crude requirement. In the financial year ending March 31, it imported about 3.3 million barrels of oil. “It’s going to be a huge impact on Vitol because they would lose a big outlet for West African crudes,” a Singapore trader said. “India might see higher prices on their tenders.” Earlier the second-biggest, Bharat Petroleum Corp, had barred Glencore from participating in its tenders in January, but within three months lifted the ban following a settlement.

Reuters:::Posted: Friday, Sep 09, 2011 at 0235 hrs IST

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These are the Petrol, Diesel, Kerosene, LPG and ATF prices in various cities of Nepal  on 26th August 2011. The currency is Nepalese Rs.

You can check todays price in the link below. This blog also gives price for tha last 15 years

Credit http://www.nepaloil.com.np/main/?opt1=sellingprice&opt2=sellingprice

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Reminiscences of Dr P K Mukhopadhyay - the Guru of downstream Petroleum R&D in India




My first meeting with Dr Mukhopadhyay was on 5th May 1985 when I entered the interview room of R&D director’s chamber. The person sitting on the middle of an oval shaped table was simple in his attire, unassuming but gave an impression of total control. He made the situation very friendly but tried to extract the information which he wanted from the interviewee. I remember, among many questions he asked, one was on mitigation of detrimental effects of metals like Vanadium and Nickel on FCC catalyst. In itself this question could seem to be very simple and general but when I look back he was a person ahead of his time. 25 years after that question, the issue still remains relevant, how to crack heavier feed-stocks in FCC and handle its high Vanadium and Nickel content. An FCC additive named indVi developed today by R&D to handle metal laden FCC feedstocks could really be termed as a fitting tribute to this saint scientist who foresaw it long back.



Dr P K Mukhopadhyay is known as the initiator of Research & Development activities in Indian Oil’s R&D centre at Faridabad. Under his guidance the centre embarked upon the territory of research which was so far the exclusive domain of the multinational companies in the downstream sector. Fluid Cataltytic Cracking, Hydro-processing and research on pipeline transportation of waxy crudes were the areas where he passionately worked for the next 10 years of his stay at the helm of affairs of R & D centre. He guided, supervised and led a team of people who came from various backgrounds, some were experienced , some were new but none had the experience of working in a downstream R& D of a petroleum company of Indian Oil’s stature.

His contribution in spearheading research in Fluid Catalytic cracking process and catalyst characterisation and development (the area I work), simulation and modelling and other related areas of FCC is unparalleled. He developed a master plan for FCC research which till date, is considered as the guiding plan for refining R&D in India. Under his leadership the FCC team within a short span of few years created a remarkable and unmatched infrastructure for FCC in the country. The company started to evaluate FCC catalysts both equilibrium as well as fresh catalysts and provided the refiners a tool to identify the best catalyst available in the country and use it in the refinery to enhance refinery yields. Under his leadership research & development activities on FCC catalyst was started in the centre which resulted in creating the expertise in the country of FCC catalyst and additive development. Characterisation facilities were created, methods developed and new materials were synthesised for use as catalyst components. Development of FCC models to predict plant performance was another of his notable contributions.



Behind his apparently tough exterior, Dr Mukhopadhyay had a kind heart which was always ready to help people irrespective of their rank and position. During the first few years of my commuting from office to Delhi back, many an occasion, he would stop his car on the way and give a lift to wherever I wanted to go. During the long journey he was not a director but talked to me like a friend. He used to shop on way from sector 15 market or buy something from other markets in Delhi. On such occasions I could find streaks of a family man, a father, a husband who cares for his family.



After his retirement whenever we used to meet in the R&D centre when he came to library he will ask about my family daughter and wife and share the news of his daughters study. He was a dedicated father. The last time we talked before his passing away was in January when he told me that he is planning to visit his daughter in Houston whose university has a very good library. Person, 17 years after his retirement still posses the passion for knowledge! It was really something very amazing but inspiring for all those who has seen this saint alive on this land.

Ray
Faridabad

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Govt earns 43% more by taxes on petro products in FY11


PTI ::: New Delhi, Sep 6: :::The government has no proposal “at this stage” to reduce taxes on petro products even as it earned Rs 1.02 lakh crore by way of taxes on these items in 2010-11, Parliament was informed on Monday. Also, there is no proposal to give additional subsidy on diesel to farmers, it was stated in the Rajya Sabha.“There is no such proposal at this stage,” Minister of State for Finance Mr S S Palanimanickam said in a written reply.

He was answering a specific question whether the Finance Ministry was planning to reduce taxes on petro products in the wake of steep inflation.

The government realised a total revenue of Rs 1.02 lakh crore by way of customs and central excise in 2010-11, showing a sharp rise of over 43 per cent over the previous year, according to the data given in his reply.Mr Palanimanickam said that the government has already eliminated basic customs duties on crude from 5 per cent. On petrol and diesel, the basic import duty has been reduced from 7.5 per cent to 2.5 per cent and on other petroleum products from 10 per cent to 5 per cent from June 25, 2011. Similarly, the basic excise duty on diesel has been abolished from Rs 2 per litre, the Minister added.In another reply, Minister of State for Finance Mr Namo Narain Meena said that the government has no proposal either to give additional subsidy on diesel to farmers.“No proposal to give additional subsidy on diesel to farmers is under consideration of the government,” he said.

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IOC forays into solar power





To de-risk its balance sheet from rising under-recoveries in the long term, IndianOil (IOC) has forayed into solar power. The maharatna firm had earlier entered wind and nuclear power generation.



IOC will set up a 5 mw solar photovoltaic plant near Jodhpur in Rajasthan, AMK Sinha, director (planning and business development), told Financial Chronicle. The contract has been awarded to Bharat Heavy Electricals (Bhel), he added.



IOC’s strategy is to diversify its portfolio across the hydrocarbon chain. “We want to be among the top three players in every business,” Sinha said.

(Courtesy: Financial Chronicle, New Delhi, September 05, 2011)

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