Global Transport Fuels April 2013 Insight

The startup of the Jubail refinery in Saudi Arabia will eliminate India’s diesel exports to the Kingdom, and compete
with Indian exports in Europe. This development will displace 100,000 b/d of Indian diesel in 2014, and encourage
India to seek out market share in Asia. The increased competition by these suppliers will lead to a sharp
decrease in middle distillate spreads to crude.

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