OMCs cut crude oil inventory to save on working capital

Indian Oil Corporation (IOC), the country’s biggest refining and oil marketing company, has brought down its crude inventory from 6.5 million tonnes about a month before to 5.7 mt. It is working to reduce this to 5.4 mt.

R K Ghosh, director (refineries) at IOC, said: “The effort has reduced the company’s working capital requirement and lowered the scope of a forex loss in case crude oil moves downwards." IOC processes around 160,000 tonnes of crude oil daily at its 10 refineries put together. A stock of 5.7 mt is sufficient to cater to 35 days’ requirement.

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