Market sources informed SSESSMENTS.COM that Indian Oil Corporation Ltd. (IOCL) has increased its refinery run rates and restarted some of its petrochemical plants after the government eased some restrictions under the nationwide coronavirus lockdown that allowed companies to resume activities.
According to the sources, IOCL has increased its refinery runs to 60% recently and can raise it further to 80% by the end of May. In April the producer cut runs to 45% due to weak demand and high inventory levels amid restrictions to contain the coronavirus pandemic.
Market sources also told SSESSMENTS.COM that IOCL had restarted its naphtha cracker, as well as monoethylene glycol (MEG), polypropylene (PP), and polyethylene (PE) plants in Panipat. The company plans to restart its PP plant in Paradip in the next couple of days. It is also preparing other polymer units to come online this month.
