NPRA ’10: Venezuela’s PDVSA hikes base oil prices on tight supply

29 March 2010 15:27  [Source: ICIS news]

SAN ANTONIO, Texas (ICIS news)--Venezuela’s PDVSA, the major Latin American base oils producer, raised its prices for paraffinic base oils on Monday due to tight supply in the Americas region, the company said.

PDVSA told buyers it would raise its 150, 300, and bright stock grades by 5 cents/gal ($15/tonne or €11/tonne).

The company's price for bright stock prior to the hike was $ 3.59/gal free on board (FOB) Venezuela, according to data from global chemical market intelligence service ICIS pricing.

The refiner’s last price move was on 22 March.

Group I paraffinic base oils have been tight globally, especially in South America where traders were looking to Europe for material, a base oil buyer said on the sidelines of the International Petrochemical Conference (IPC).

Hosted by the National Petrochemical & Refiners Association (NPRA), the IPC continues through Tuesday.

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By: Heather McGuire Doyle
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