Egypt to buy more brightstock than usual in third quarter

03 June 2010 13:27  [Source: ICIS news]

LONDON (ICIS news) -- The Egyptian General Petroleum Corporation (EGPC) is expected to buy up to 23,000 tonnes of base oils in the third quarter, more than double the volume it purchased in each of the previous quarters this year, market sources said Thursday.

European base oil producers and traders were asked to submit offers for six 2,500-tonne cargoes of brightstock to be delivered during the July-September period at a rate of two per month. The EGPC tender issued Thursday included an optional seventh cargo to be delivered in the same period.

EGPC is also seeking a 2,500-tonne cargo of SN400 or SN500 through the same tender, to be discharged at Alexandria in July.

The tender is expected to close on 14 June.

The company tendered for 10,000 tonnes of brightstock in the first quarter and 7,500 tonnes of brightstock in the second quarter. ExxonMobil was understood to have won both tenders and was expected to supply the base oil from its production site in Augusta, Italy.

ICIS pricing assessed European export prices for brightstock this week in the range of $970-1010/tonne (€795-828/tonne) FOB (free on board).

($1 = €0.82)

For more on ExxonMobil visit ICIS company intelligence
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By: James Mills
+44 208 652 3214

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