02 December 2011 10:28 [Source: ICIS news]
SINGAPORE (ICIS)--PetroChina is planning to sell 15,000 tonnes of base oils in the domestic spot markets in December, which is unchanged from its November level, a company source said on Friday.
PetroChina is selling its Group I cargoes at yuan (CNY) 9,300-9,600/tonne ($1,460-1,507/tonne) ex-refinery, traders said.
The company’s spot cargoes are relatively high in November and December because consumption by its own lubrication plants has been declining as the lubrication market enters the low season, the source said.
On the other hand, the company is facing high inventory pressure, he added.
Domestic Group I base oil prices are unlikely to rebound in December in view of ample supply and soft demand, an industry source said.
($1 = CNY6.37)
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