Indian Oil Corporation Ltd. (IOC) has completed auctions of RPC (Raw Petroleum Coke) from its various refineries for intrastate consumers on 1 Jul’19; wherein the responses have been very poor.
Against a total offered quantity of 74,995 MT, only 5,920 MT was sold. Refinery-wise detailed breakups of quantities sold in the auctions are enumerated as follows:
| Refinery | Quantity Offered (MT) | Reserve Price (INR/MT) | Quantity Sold (MT) | Quantity Left Unsold (MT) |
| Barauni Refinery (Gr.A) | 28,675 | 23,630 | 3,850 | 24,825 |
| Barauni Refinery (Gr.B) | 320 | 23,130 | 320 | 0 |
| Bongaigaon Refinery (Gr.A) | 26,000 | 20,160 | 0 | 26,000 |
| Koyali Refinery: Gr.B) | 20,000 | 19,300 | 1,750 | 18,250 |
| TOTAL | 74,995 | 5,920 | 69,075 |
Source: CoalMint Research
Notably, re-auctions are being conducted for the leftover quantities from various refineries for consumers outside the States. This is in line with the terms and conditions of the auction set by IOC according to guidelines from MOP&NG (Ministry of Petroleum & Natural Gas).
Market sources concurred that that the poor responses in these auctions were due to the higher reserve prices as compared to market expectations.
On overall basis, the quantity sold was even less than 10% of that on offer. A quantity of 24825 MT, 26000MT and 18250 MT was left over at Barauni, Bongaigaon and Koyali respectively. There has been zero sale of RPC from Bongaigaon.
The delivery period for Barauni and Bongaigaon refineries for intrastate consumers is from 2 Jul’19 to 15 Aug’19 and for out-of-state consumers from 3 Jul’19 to 16 Aug’19.
The delivery period for Koyali refinery for intrastate consumers is from 2 Jul’19 to 16 Jul’19 and for out-of-state consumers from 3 Jul’19 to 17 Jul’19.
Leave a Reply