ExxonMobil announces Asia base oils price hikes – buyers

02 June 2009 08:55  [Source: ICIS news]

SINGAPORE (ICIS news)--Oil major ExxonMobil announced a $30/tonne (€21.3/tonne) price hike for group I and II base oils for Asian buyers on the back of rising crude and gas oil values, the company’s customers said on Tuesday.

The hikes, which would take prices of SN-150 and SN-500 for contract buyers to the low-to-mid $600s/tonne ex-tank Singapore, would be applicable from 16 June, the customers said.

Prices of bright stock would also be increased by $10/tonne, several buyers said.

“The price increases were in line with the market expectations,” said a Singapore-based lube blender.

Asian base oils values have been rising over the past few weeks due to higher crude prices and steady regional demand amid tight supply, buyers and sellers said.

Key base oils producers in Asia include ExxonMobil, Shell, Nippon Oil, SK Energy, S-Oil and GS Caltex.

($1 = €0.71)

Please visit the complete ICIS plants and projects database
To discuss issues facing the chemical industry go to ICIS connect

By: Anu Agarwal
+65 6780 4359

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly