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14-01-15

Oman's refinery output up 19 percent in Jan.-Nov

(MENAFN) According to the statistics released by National Centre for Statistics and Information (NCSI), Oman's output from its two refineries registered a growth by 19.1 per cent, or 12 million barrels, during the January-November period of 2014 to due to an increase in domestic demand for petroleum products, Muscat Daily reported

Total output from Mina al Fahal and Sohar refineries, which are operated by Oman Oil Refineries and Petroleum Industries Co (ORPIC), increased to 75 million barrels during the first eleven months of 2014, in comparison with 63 million barrels in the corresponding period of 2013.

The statistics showed that a growth was registered in the production of all types of fuel products, led by a 42 percent rise in diesel output to 17.72 million barrels from 12.51 million barrels in 2013, while the production of Regular (90) petrol rose 12.2 percent to 3.21 million barrels and Super (95) was up 18.3 percent to 19.9 million barrels.

The Centre also said that demand from the retail, commercial and aviation sectors grew significantly in 2014, with the aviation sector demand for fuel increasing 13.8 percent to 4.45 million barrels.

"With economic sectors expanding local consumption of petroleum products is consistently growing and this seems to be the main reason behind the increase in refinery output. The demand for petroleum products is directly linked with economic performance and in the domestic market it will keep on growing regardless of fluctuations in oil prices. It is positive for oil marketing companies and generate more business for them," Vice president of asset management at National Securities said.

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