13 October 2011 08:30 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwan’s Formosa Petrochemical Corp (FPCC) is planning to sell 17,000 tonnes of Group II base oils on spot markets in October, a company source said on Thursday.
The company aims to sell the spot cargoes to the US, India and Pakistan, said the source.
FPCC is running its 520,000 tonne/year Group II base oil plant at Mailiao at 95% capacity. It plans to export 60,000 tonnes of the material to contract and spot buyers in October, with some 19,000 tonnes going to China, added the source.
Base oil prices have been dropping sharply worldwide. Group II base oils on spot markets were traded $50/tonne (€36/tonne) lower in October from September because of weak demand, traders said.
($1 = €0.72)
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