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(From India Business Insight)
IOC is likely to face an increase in its gross refining margin (GRM) to $8/bbl during Jul-Sep 2004 from $6.5/bbl in Apr-Jun 2004 due to high differential in the prices of crude oil and of petroleum products during 2003-2004.
The demand for crude oil is likely to be higher by 2.6 M bbls/day for 2004, of which OECD countries account for 600,000 bbls/day and China accounts for 800,000 bbls/day of crude oil. IOC is likely to post revenue of $48 bn by 2011-2012 of which 25% is expected to be from foreign operations and new businesses.
The company, looking at opportunities to revamp refineries in Africa and the Middle East, …