India state firms to import up to 8.9 mil mt LPG in fiscal 2015-16
India state oil firms plan import 8.5 million – 8.9 million mt of LPG in fiscal 2015-2016 (April – March), up 6% to 11% from 8 million mt the previous fiscal year.
India was one major importer of several oil products such as diesel, and now only import LPG based in long term contracts from major Middle Eastern producers: Saudi Aramco, Qatar’s Tasweeq, Abu Dhabi Oil Co. and Kuwait Petroleum Corp.
Over the last few years it has been difficult to get butane cargoes of Saudi Aramco at the requested price and volume. Many western and asian commercial firms have put to an end contracts with Middle Eastern suppliers.
However, according to Indian oil ministry’s research arm, India’s LPG demand – 60% butane and 40% propane – had been expected to increase 3.5% to 18 million mt in fiscal year 2015/16. With this estimates, the industry predicts to grow between 5% and 6%, in same year.
Regarding this subject, it was also said that the new forecast of LPG demand can increase about 7% or 8% on the next three years, and it can slow down 2% or 3% after 2019.
Know more about India market on: http://www.platts.com/latest-news/oil/singapore/india-state-firms-to-import-up-to-89-mil-mt-lpg-21462329
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