http://www.resourceinvestor.com/pebble.asp?relid=42444
NEW DELHI (CommodityOnline.com) -- India im****ted 9.1% more crude in
2007-08 compared to the earlier financial year as refining capacities
expanded and local demand clocked the highest growth in eight years,
official data indicated.
India is third largest consumer of oil in Asia. It im****ted 2.44
million barrels per day (bpd) crude in the year ended March that saw
Essar Oil's Vadinar plant running at full steam of 210,000 bpd and
Indian Oil Corp's Panipat unit running at 240,000 bpd.
In March, crude oil im****ts grew 1.7% to 2.47 million bpd.
Oil product sales, a proxy for demand, rose 7% in 2007/08 to 129.24
million tonnes with consumption of diesel and petrol robust.
A booming economy and controlled prices kept artificially low helped
diesel sales rise 11.1%, the highest in 12 years, while a surge of
11.2% in petrol sales was the biggest in 8 years.
In March, oil products demand grew 6.3%.
Diesel sales, which account for nearly a third of domestic sales, grew
by an annual 10.6% in March while petrol was up 6.5% in the fast-
growing economy. Fuel prices are state-controlled in India while world
oil prices above $100 a barrel mean better profits for selling abroad.
India ex****ted 17% more oil products in 2007-08 than the previous
year, with two-third of it being ****pped out by private refiners. In
March ex****ts grew 8.5% to 3.36 million tonnes.
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