2013-05-17
India will add demand for tankers as the country imports more crude oil and exports more refined products, according to E.A. Gibson Shipbrokers Ltd.
The south Asian nation has replaced the U.S. as the biggest importer of Nigerian crude, lengthening transport distances as India replaces supply from Iran, the London-based shipbroker said in an e-mailed report today. India is also building the first stage of a 145 million-barrel crude reserve, with 40 million barrels of storage expected to be added by April 2014, according to the report. Refining capacity already at a surplus is expanding further, Gibson said.
“Indian oil demand is forecast to rise at relatively strong levels, but refinery expansions are expected to even exceed this over the next few years,” Gibson said in the report. “This is a perfect scenario for tanker owners: more crude in and more products out.”
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.
Source:-www.bloomberg.com
No comments:
Post a Comment