03 May 2011 12:03 [Source: ICIS news]
SINGAPORE (ICIS)--ExxonMobil is raising its Asian base oils term prices by $60-70/tonne (€40-47/tonne) with effect from 13 May, its customers said on Tuesday.
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ExxonMobil most recently raised prices for Group I and II base oils by $60/tonne on 26 April.
Regional supplies have been tight because of a spate of refinery turnarounds in the first-half of 2011. ExxonMobil restarted its 1.2m tonne/year Group II base oils plant in
“The market is still short, especially for the lighter grades. We hope that things will improve later this month, now that ExxonMobil has restarted its plant,” a customer said.
($1 = €0.67)
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