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To be able to compete on the regional market, local refiners would need sufficient production capacity.
These refiners are now given the permit to import crude supplies but the fact is that they lack enough logistics and financial resources," he said.
International technology Group ANDRITZ has successfully started up a Papillon refiner for Sofidel in Lancaster, UK.
Iran sold oil to refiners like Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MRPL) in US dollar per barrel.
Straits Financial is excited about the potential of the independent Chinese refining sector and we are looking forward to enabling other refiners to access the international energy markets.
By reducing the number of refiners to two major companies, the industry would likely see better refining margins,"AaAaAeAeAaAeAeA Syusaku Nishikawa, an ana at Daiwa Securities Co.
When sanctions come off, the Indian refiners will have to pay up.
Although benchmark Brent and West Texas Intermediate crudes are just off multi-year lows, many refiners have previously agreed to pay higher prices for deliveries through to the end of this year and can not pass those costs on to fuel buyers.
The tax break, commonly known as "deemed duty" will take effect from January 1, 2016, on the condition that refiners have fulfilled their commitment to set up hydrodesulfurizer at their plants, Asim Hussain, advisor to the Prime Minister on energy matters, said March 5.
15 a barrel in January, a level at which Asian refiners expressed discomfort and one that was subsequently wound back rapidly, with the premium dropping to $1.
Following those guidelines would be voluntary, she said, but would "ensure that refiners and other participants who meet the conditions" wouldn't face civil penalties.
Libya's state oil company has typically limited sales of its mostly light, sweet crude oil to refiners, most of them in Europe, and has said it plans to continue to prioritize its usual customers in 2012.