Sri Lanka may reduce oil product imports in 2021

Market: Oil products
09/02/21

Sri Lanka's state-controlled refiner Ceypetco may reduce its oil product import volumes in 2021 because of an expected reduction in jet fuel and fuel oil demand.

Ceypetco expects to import lower volumes across the barrel, except for diesel, compared with 2020, according to its procurement plan for 2021. The import requirements are calculated using projected demand minus forecast refinery production volumes.

Its jet fuel imports are expected to fall the most among oil products, with projected domestic demand dropping by 25pc from 2020 to 12,405 b/d in 2021. Fuel oil imports are also expected to fall on lower demand, which is forecast to decline by 17pc on the year to 14,800 b/d in 2021. Gasoil is expected to buck the trend with an estimated increase in imports of the 10ppm gasoil and 500ppm gasoil grades.

Dubai's Enoc and Swiss Singapore will supply 12,200 b/d of 10ppm and 500ppm gasoil this year, while trading firms E3 and BB Energy will supply around 10,500 b/d of 92R and 95R gasoline, Ceypetco said. The rest of its requirements will be fulfilled through term and spot tenders.

By Aldric Chew

Sri Lanka's oil product import requirements for 2021			'000 b/d
Product	2021	2020	±%


92R gasoline	24.4	26.7	-8.0
95R gasoline	4.1	3.6	14.0
10ppm gasoil	1.7	1.6	3.0
500ppm gasoil	31.8	30.6	4.0
Jet fuel	5.9	9.3	-36.0
Fuel oil	7.1	8.7	-19.0
Source: Ceypetco's procurement plan for 2021

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