Indian Oil Corporation records crude oil processing at 56.1 MT in FY16

State-owned Indian Oil Corporation (IOC) on Friday said it has achieved a new record crude oil processing of 56.1 million tonnes (MT) in 2015-16 fiscal, with highest ever distillate production.

IOC's nine refineries operated at 103.5% of the installed capacity in the fiscal, IOC Director (Refineries) Sanjiv Singh said.

"IOC's nine refineries also marked the best-ever combined distillate yield of 80.5%, surpassing the previous best of 78.8% during 2014-15," a company statement quoted Singh as saying.

Singh said that with focused efforts towards energy conservation, the refineries achieved lowest Fuel and Loss (F&L), Specific Energy Consumption (MBN) and Energy Intensity Index (EII) at 8.53%, 53.8% and 101.2%, respectively, as compared to the previous best of 8.77%, 54.4% and 104.5% for the year 2014-15.

"Individually, all refineries achieved various milestones. Many refineries achieved all-time high crude processing. Almost all refineries achieved the highest distillate production with lowest fuel and loss, which is really commendable," said Singh.

The commissioning of 15 million tonnes (MT) a year Paradip Refinery in Odisha IOC's refining capacity to 69.2 million tonnes (MT) per annum.

The commissioning of INDMAX Unit at Paradip (4.17 MMTPA), based on the indigenous technology developed by its research and development (R&D) centre was another golden milestone of global recognition as a technology supplier.

Continuing with indigenous technologies, IOC on March 6 laid the foundation stone of the ambitious OCTAMAX project at Mathura Refinery. The refinery also commissioned New Propylene Recovery Unit (NPRU) in May 2015, to produce polymer-grade propylene with high purity.

Another upcoming project is INDMAX at Bongaigaon, which coupled with Indmax Gasoline Hydrodesulphurization (IGHDS) unit and associated facilities will increase distillate yield of the refinery while also helping it produce Euro-VI fuel.

Several new projects have been approved during 2015-16. To meet Euro-VI fuel supply requirement by 2020, various revamps and installation of new units are envisaged at Gujarat, Panipat, Mathura, Haldia, Digboi and Bongaigaon refineries.

In Guwahati, Euro-VI petrol compliance will be achieved with the commissioning of INDAdept-G and Catalyst replacement of HDT unit. Paradip Refinery is ready for the supply of Euro-VI grade diesel, it said.

"Past several years have witnessed extreme volatility in global oil markets, riding the tide of the rise and subsequent fall in the world crude oil and petroleum product prices. In this context, the year 2015-16 was an eventful year for all stakeholders," IOC said.

"This was due to the sharp decline in crude oil prices, availability of additional crude oil from Iran, following the lifting of political sanctions, which coupled with a downturn in world growth and oil consumption has altered the energy landscape of major oil importing countries," IOC said.

IOC refineries explored to innovate and remained flexible to utilise the windows of high-margin periods that crude oil volatility offers and as many as eight new crudes were processed for the first time in our refineries during 2015-16 for widening the crude basket and to tie up new crude sources, the statement added.