MSTC Ltd., on behalf of Indian Oil Corporation Ltd. (NSE: IOC) has conducted auctions of RPC (Raw Petroleum Coke) from various refineries on 25th and 26th Mar’19, wherein the total quantity offered was 67,400 MT.
Refinery-wise detailed breakup of the auction results is enumerated as follows:
| Refinery | Quantity Offered (MT) | Quantity Sold (MT) | Reserve Price (INR/MT) | Highest Bid Price (INR/MT) |
| Barauni Refinery (Gr.A) | 32,900 | 32,900 | 22,850 | 22,850 |
| Barauni Refinery (Gr.B) | ||||
| Bongaigaon Refinery (Gr.A) | 20,000 | 2,700 | 20,080 | 20,080 |
| Guwahati Refinery (Gr.A) | 8,000 | 8,000 | 27,020 | 27,020 |
| Digboi Refinery (Gr.A) | 6,500 | 6,500 | 21,490 | 21,490 |
| Koyali Refinery (Gr.B) | ||||
| Total/Average | 67,400 | 50,100 | 22,860 | 22,860 |
Notably, the auction was conducted for intrastate customers only, as per terms and conditions set by IOC, in line with guidelines from the Ministry of Petroleum and Natural Gas (MOP&NG) issued during 2012.
Accordingly, several calciners participated in the auctions from the states of Bihar, Assam and Gujarat for the refineries located in the respective states.
It is observed that against the offered quantity of 20,000 MT ex- Bongaigaon refinery, only 2,700MT was sold. Possibly, this is the lowest sale quantity from Bongaigaon for several years.
Market participants have revealed that one of the major customers, procuring calcined petroleum coke (CPC) from these calciners, is not willing to use this grade due to cost of this LS-grade RPC.
Therefore, in accordance with directive of MOP&NG, this left-over quantity would be re-auctioned to customers located in other states.
Further, it could be noted that there has been no product on offer ex-Koyali refinery due to shut down of the refinery’s delayed coker unit (DCU).
The successful bidders are required to uplift their allotted quantities within 45 days.
Leave a Reply