our estimates. For Q4, GRMs were at US$8.2/bbl (PLe: US$8.4/bbl) due to weak gasoline spreads given high inventory and weak demand. However, gasoil spreads were healthy given low inventory. Q4 refining thruput were also lower at 16MTPA (18MTPA in Q4) due to maintenance shutdown. Management is constructive about refining margins as diesel spreads are likely to get a boost from implementation of IMO 2020, as ~3.5mbpd marine fuel Sulphur standards are likely to come down. RIL is well positioned to benefit given their high complexity. However, gasoline spreads are likely to be under pressure from high...