20 January 2011 09:59 [Source: ICIS news]
SINGAPORE (ICIS)--GS Caltex restarted on Thursday morning its 23,000 bbl/day Group II base oils facility in Yeosu, South Korea, following a power outage on 17 January, a company source said.
The unit was running at full capacity in the afternoon, the source said.
The three-day production loss, estimated at around 8,000 tonnes, has led the refiner to cut its February spot supply to regional customers by the same quantity, according to another company source.
But GS Caltex’s term supplies next month have not been affected by the unplanned shutdown.
Industry players said the refiner’s export cut was likely to exert fresh upward pressure on Asian base oils prices.
Prices for end-January and early February shipments have been on a strong uptrend due to strong Chinese and Indian demand on the back of tight supplies.
The power outage in Yeosu on 17 January had caused a widespread shutdown of chemical plants in the city.
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