Q1. Could you start by giving us a brief overview of your professional background, particularly focusing on your expertise in the industry?

I am Ramesh Iyer, currently with Larsen & Toubro as a project manager for oil & gas projects. I started my professional journey with Nayara Energy as a trainee engineer, and then worked with ONGC Petro additions Limited before joining Larsen & Toubro in 2018.

Q2. With the current volatility in global crude flows, how much "Crude Slate Flexibility" does the new infrastructure (CDU/VDU upgrades) provide to mitigate the impact of West Asian supply cuts?

CDUVDU, being the mother unit of energy, can yield valuable returns, especially given the short supply of crude due to the West Asia crisis.

Q3. Considering the global supply disruption in March 2026, how have lead times for long-lead rotary equipment  shifted, and is this reflected in the current "percentage-of-completion" revenue recognition?

Lead times for rotary equipment deliveries have shifted by 1.5 to 2 months due to global supply disruptions. 

Q4. With the global maritime detours around Africa now adding 14–20 days to transit, how are EPC firms currently bridging the gap between 'costs incurred' for long-lead equipment and the 'physical progress' milestones?

Considering global delivery issues,, EPC industries have proposed that clients treat the dispatch of equipment as a regular milestone rather than the actual receipt at the project site. On the cost front, these are negotiated during the ordering stage.

Q5. The LC-MAX unit at Vizag is now 'AI-integrated' for predictive maintenance; what is the targeted reduction in 'Unplanned Downtime' (Turnaround cycles), and how does this digital overlay affect the refinery's OpEx per barrel?

Process systems are AI-integrated, helping reduce plant downtime and improve refinery margins.

Q6. How does the recent 20% ethanol blending mandate and the surge in EV charging retail outlets impact the long-term terminal value of traditional refinery-cum-petrochemical investments?

Developments are positive, as ethanol blending will reduce fuel imports, and EV charging outlets will enable more users to set up EV ,battery factories, and more dealers in the future for battery charging.

Q7. If you were an investor looking at companies within the space, what critical question would you pose to their senior management?

We can expect profit margins and returns on investment to be affected by the West Asia crisis and the disruption to global crude supply. Also, with rising energy costs, how will the refinery sustain the GRMs?