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India’s RIL ups O2C revenue in FY2022-23 on crude rally

  • Market: Chemicals, Condensate, Crude oil, Natural gas, Oil products, Petrochemicals
  • 25/04/23

Indian private-sector refiner Reliance Industries (RIL) posted higher revenue from its oil-to-chemicals (O2C) business during the April 2022-March 2023 fiscal year because of a rise in average crude prices and higher price realisation from transportation fuels.

RIL's revenue from the O2C business rose to 5.95 trillion rupees ($72.6bn) in 2022-23, up by nearly 19pc from Rs5.1 trillion a year earlier, the company said in a stock exchange filing. Revenue increased led by the rise in export profits because of higher prices for transportation fuels, despite lower production.

RIL said its access to global markets and sourcing of cheaper crude and feedstock from outside India helped improve its O2C margins during 2022-23. But the government's excise duty on fuel exports, imposed in July last year, trimmed profits by Rs66.48bn during 2022-23, the company said.

India scrapped its export tax on diesel and reimposed a windfall tax on crude production, in the latest adjustment to its tax scheme on 19 April. Delhi reimposed a windfall tax on crude of about 6,400 rupees/t ($10.63/bl) after previously slashing it to zero. The government also scrapped a Rs0.50/litre export tax on diesel, according to a finance ministry notification. This is the first time that the diesel export duties have been scrapped since the tax scheme was introduced in July 2022, following the continued weakening of Asian gasoil margins.

The rise in O2C revenue for 2022-23 came despite a decline during the January-March 2023 quarter. RIL's O2C revenue during January-March fell by nearly 12pc from a year earlier to Rs1.28 trillion because of sharp falls in crude prices and a decline in realised prices for downstream products, the company said. The export duty on fuel reduced earnings by Rs7.11bn during the quarter, RIL said.

RIL's refinery throughput rose marginally to 77mn t/yr (1.55mn b/d) over 2022-23 from 1.54mn b/d in 2021-22. But throughput rose to 1.61mn b/d during January-March, up by 5.3pc from 1.53mn b/d a year earlier.

RIL's overall profit rose to Rs741bn in 2022-23, up from Rs650bn a year earlier. Profit also rose to Rs213bn during January-March, up by 20pc from Rs178bn in October-December and by 18pc from Rs180bn a year earlier. The company's gross revenue rose by 23pc on the year to Rs9.77 trillion in 2022-23, driven by revenues from its oil and gas business more than doubling to Rs165bn, as well as gains in other business such as O2C and digital services.

The company said its oil and gas segment is poised to make up 30pc of India's domestic gas production. RIL is set to commission the MJ deepwater gas fields in the Krishna-Godavari (KG)-D6 basin during the April-June 2024 quarter, with production from the field aimed at 12mn m³/d during the April 2023-March 2024 fiscal year. With the commissioning of the MJ fields, gas output from RIL-BP's KG-D6 block will rise to 30mn m³/d during 2023-24, accounting for 30pc of India's overall gas production and 15pc of the country's gas demand.

By Pranav Joshi

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18/12/25

Energy Transfer halts plans for Lake Charles LNG

Energy Transfer halts plans for Lake Charles LNG

Houston, 18 December (Argus) — US midstream firm Energy Transfer is suspending development of its planned 16.5mn (2.2 Bcf/d) Lake Charles LNG export terminal in Louisiana to focus on natural gas pipeline expansions, the company said today. The pivot allows the company to reallocate capital to gas pipeline projects that provide "superior risk/return profiles", Energy Transfer said. The company separately said it will increase the capacity of its planned Desert Southwest expansion of the Transwestern pipeline, allowing it to move more gas from west Texas' Permian basin to the southwestern US. The decision to scrap Lake Charles LNG follows a month of dissonance from company executives about moving forward with the facility. Energy Transfer co-chief executive Mackie MaCrea told investors in early November that the company would not be able to reach a final investment decision (FID) until it sold off 80pc of equity shares in the project. But Amy Chen Davis, vice president of Lake Charles LNG, told an industry event on 10 December that the company was in talks with potential partners and would reach a final decision in early 2026. The company said earlier this year it planned an FID by the end of 2025. The midstream firm has sought for years to convert the existing Lake Charles import facility into an export terminal. Shell signed on with a 50pc stake in 2019 but pulled out the following year as part of cost-cutting measures during the Covid-19 pandemic. McCrea had signaled to investors that the company was being cautious with entering the LNG export industry. "When you're chasing billions of dollars in projects, several of which we've already announced, we've got to be careful stepping out on something like this," McCrea said on 5 November. "We're not an LNG company like we compete with. We're a pipeline company that has a regas facility converting part of it to LNG." Investor MidOcean Energy had signed a preliminary agreement to fund 30pc of Lake Charles LNG's construction costs in exchange for 30pc of offtake, but the firms never finalized the deal. Suspension of the project also may set back the efforts of Saudi Aramco, which holds a 49pc stake in MidOcean, to develop an LNG portfolio. MidOcean has a share in Peru's 4.45mn t/yr Pampa Melchorita LNG export plant and the Shell-led 14mn t/yr LNG Canada export terminal in British Columbia. Pipeline project in focus Meanwhile, Energy Transfer said it will upsize capacity on the Desert Southwest expansion. The company said it will increase the expansion's capacity by 800mn cf/d to 2.3 Bcf/d to satisfy additional demand in the southwestern US. Energy Transfer reached an FID on Desert Southwest in August. The expansion is one of several projects working to increase gas transportation capacity out of the Permian, where a steady increase in crude-driven activity — and commensurate rise in associated gas output — has outpaced the increase in gas takeaway capacity. This has created a local gas supply glut and some of the lowest gas prices in the US. By Tray Swanson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US House passes bill to expedite permitting

18/12/25
News
18/12/25

US House passes bill to expedite permitting

Washington, 18 December (Argus) — The US House of Representatives on Thursday approved a bill designed to fast-track permitting for energy projects and reduce related litigation risks. But a last-minute change Republicans made to exclude some offshore wind and solar projects led some Democrats and a major clean energy group to withdraw support, complicating the bill's chances of passage in the Senate. The Republican-controlled House voted 221-196 to pass the SPEED Act, with 11 Democrats crossing the aisle to vote for what would be the most significant changes to federal permitting in years. The bill will now advance to the US Senate, where proponents will likely need to agree to make significant changes if they hope to pick up the votes of at least seven Democrats to avoid a filibuster. The bill "finally brings common sense by cutting red tape that dramatically increases the cost and, in some cases, just makes it economically unfeasible to do projects", House Republican majority leader Steve Scalise (R-Louisiana) said. The SPEED Act focuses on revising project reviews under the National Environmental Policy Act (NEPA), which is a source of delay and litigation risk for pipelines and renewable projects alike. The bill would require federal agencies to narrow those reviews and uphold those decisions even if federal courts find them to be inadequate. The bill would also provide permit "certainty" by limiting the government's ability to rescind prior approvals, averting a repeat of events like the cancellation of the Keystone XL pipeline. "We applaud the House for advancing the SPEED Act, a bipartisan, commonsense step toward fixing a federal permitting system that's long been broken," oil industry group the American Petroleum Institute said. Republican leaders were hoping 30-40 Democrats would join them to support the SPEED Act. The bill had broad bipartisan support when it was drafted because of provisions meant to prevent permitting delays that have plagued both oil and gas pipelines and renewable energy development. But Republican leaders, to satisfy far-right conservatives, made a change to the bill earlier this week that would prevent its expedited permitting procedures from benefiting any project that Trump's administration has blocked or revisited since 20 January. The Trump administration has targeted multiple offshore wind and solar projects this year and has ordered the developer of the nearly complete 704MW Revolution Wind project off the coast of Rhode Island to stop construction. That change fractured a bipartisan coalition that had spent months working on technology-neutral permitting language. The American Clean Power Association, the largest industry group for US renewable energy, on Wednesday withdrew its support of the bill , arguing the "poison pill amendment" that Republicans made eviscerated bipartisan language that gave expedited permitting treatment for all types of energy resources. A number of House Democrats who had backed the bill also withdrew their support. American Clean Power plans to work with both parties in the Senate to make changes. "This is not the final draft," representative Scott Peters (D-California) said during floor debate Thursday, vowing to work with his colleagues in the Senate to address House Democrats' concerns. By Chris Knight and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Viewpoint: Tight lauric oils to support fatty alcohols

18/12/25
News
18/12/25

Viewpoint: Tight lauric oils to support fatty alcohols

London, 18 December (Argus) — Limited lauric oils supplies should maintain upward pressure on mid-cut fatty alcohol values into 2026. Lauric oils are a key feedstock used in the production of oleochemicals such as fatty alcohols and are primarily sourced from coconut oil (CNO) and palm kernel oil (PKO). Fatty alcohols are used in a variety of products including personal care, cosmetics, as well as in industrial applications. The fourth quarter of 2025 has been plagued with limited demand and uncertainty over the EU Deforestation Regulation (EUDR) implementation date, pushing lauric oils and mid-cut alcohols prices down. Mid-cut fatty alcohols prices hit a high of $3,100/t fob southeast Asia in early August, but prices have since declined to a low of $2,400/t in mid-December, according to latest Argus data. Tighter supply could lend support to CNO and PKO values in 2026, which could help to push mid-cut fatty alcohols prices up as costs are passed down. CNO supply has been flat for years, and new coconut tree planting in Asia will take a number of years to boost yields. PKO supplies will likely remain tight in Malaysia, even though palm oil output has risen in the country. The Malaysian Palm Oil Board (MPOB) expects palm oil production at around 19.5mn t this year, potentially hitting a record 20mn t. But PKO is a popular cocoa butter substitute and continues to command strong demand from the confectionary industry. In Indonesia, the world's largest palm producer, supplies of PKO could be curbed next year, following severe floods this and the government's palm plantation land seizure. Additional fatty alcohols capacity has come on stream in southeast Asia during the second half of 2025, and this additional demand is likely to pull on lauric oil supplies next year. Demand uncertainty On the demand side, European consumption has fallen significantly this year owing to the ongoing uncertainty surrounding the implementation of the EUDR, according to market participants. The regulation, originally slated to come into effect at the end of 2024, was pushed back to the end of 2025. But on 17 December, the European Parliament backed an additional one-year delay. This opens up the European market to more palm oil and PKO than would have been the case had the EUDR come into effect. This will likely put further upward pressure on mid-cut alcohols prices in 2026 as demand picks up from Europe. The EUDR delay postpones application of due diligence requirements by one year for large and medium operators from 30 December 2026. Small operators have until 30 June 2027. By Neha Popat Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Ithaca first to try new UK North Sea regime

18/12/25
News
18/12/25

Ithaca first to try new UK North Sea regime

London, 18 December (Argus) — UK-listed upstream producer Ithaca Energy has begun the approval process for a development in the North Sea, the first since the government softened its approach to the region. Ithaca has submitted a development summary and environmental statement for the Fotla field to the offshore regulator Opred. It outlines a two-well tie-back to the Britannia platform, which processes liquids from the Greater Britannia Area, including Ithaca's Alder field. Ithaca indicates that if the process is successful, drilling will begin in the first half of 2027, with first oil in the final quarter of that year. This is the first submission of an offshore proposal since the UK government published its 'North Sea Future Plan' alongside its budget in late November. That enables "limited oil and gas production in areas that are already part of an existing field, or in areas adjacent to already licensed fields, linked via a tieback, to help ensure they remain economically viable". Developers are not permitted to explore for oil and gas at these sites, and a ban remains on new oil and gas licensing. London's stance on North Sea development has delayed the Rosebank project, in which Ithaca holds a 20pc stake, and the company's west of Shetland Cambo project. Ithaca expects its production to average 119,000-125,000 b/d of oil equivalent (boe/d) this year. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Viewpoint: Japan's hybrid EV use keeps gasoline in mix

18/12/25
News
18/12/25

Viewpoint: Japan's hybrid EV use keeps gasoline in mix

Tokyo, 18 December (Argus) — Japan's gasoline consumption will continue falling because of its decarbonisation drive, but the country's gasoline consumption is unlikely to reach zero as gasoline-powered cars and hybrid gasoline-electric vehicles (HEVs) account for a vast majority of newly registered passenger cars. Japan's gasoline sales declined at least over 2016-24, with the exception of a slight year-on-year increase of 0.03pc in 2022, data from the Petroleum Association of Japan (PAJ) show. The country's gasoline sales totalled 330mn bl (904,100 b/d) in 2016, falling to below 280mn bl (767,100 b/d) in 2024. The country's transport sector accounted for 19.2pc of total CO2 emissions in the April 2023-March 2024 fiscal year, according to Japan's environment ministry. Half of the transport sector's CO2 emissions came from gasoline in the 2023-24 fiscal year. Tokyo renewed its global warming countermeasures plan in February 2025, which reiterated its target of having all new car sales be "electrified vehicles" by 2035 and to achieve net-zero CO2 emissions through the vehicle lifecycle by 2050, in efforts to abate emissions. But these "electrified vehicles" do not only refer to fully electric-powered EVs nor fuel cell vehicles (FCVs) but also include gasoline-consuming HEVs and plug-in hybrid electric vehicles (PHEVs). This means that Japanese passenger car owners will likely remain dependent on gasoline, even as gasoline consumption declines, given that Japan's preference for hybrids is likely to sustain its momentum for the foreseeable future. The country's gasoline requirement will fall by 2.4pc to 260mn bl (712,300 b/d) in the April 2026-March 2027 fiscal year, compared with the 2025-26 level, based on Japan's trade and industry ministry Meti's outlook. This downtrend is expected to continue by declines of 2.1-2.5 pc/yr at least until 2029-30, largely because of higher fuel efficiency and wider use of HEVs, Meti said. The number of newly registered passenger cars, including imported cars, totalled slightly below 2.4mn units over January-November 2025, data from the Japan Automobile Dealers Association (JADA) show. Out of this total, gasoline-consuming HEVs accounted for 60pc, and gasoline cars hold a 32pc share. Gasoline-powered cars and HEVs have jointly accounted for around 90pc at least since 2020. The share of HEVs in newly registered cars has also grown consistently every year, from 37.1pc in 2020 to 61.1pc in 2024, mostly replacing the share of gasoline cars, while the share of EVs has stalled at 0.6-1.7pc of the total of registered units every year over the same period, data from the JADA show. "The hybrid trend is likely to remain strong going forward. Compared with the time when it seemed the global shift to EVs would happen decisively and rapidly, the momentum now appears to have slowed somewhat," Japan's trade and industry minister Ryosei Akazawa said at an interview with reporters, including Argus , in October. The shift towards EVs has not been as strong as expected, which could have benefited gasoline car makers. But US tariffs on Japanese automobiles likely eroded the profitability of Japanese automakers, with 15pc of their domestic car output exported to the US in 2024, according to Meti. The US tariff rate was lowered to 15pc from 27.5pc in September, but is still far higher than 2.5pc, the rate before US president Donald Trump's additional 25pc automobile tariff took effect in April. To support Japanese automakers given the challenging tariff environment, Tokyo could freeze its environmental performance tax — a levy of 0-3pc — imposed on car owners at the point of acquisition depending on automobile features, such as fuel efficiency. This move could pave the way for gasoline-powered vehicles to regain momentum or pose obstacles to the expansion of EV cars' market share in the coming years. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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