15 December 2011 09:39 [Source: ICIS news]
SINGAPORE (ICIS)--Russia’s Rosneft will supply 11,000 tonnes of Group I base oils from its Angarsk Refinery to China next January, 37.5% higher than the 8,000 tonnes supplied in December, a Chinese trader said on Thursday.
The cargo will include 3,000 tonnes of 150N, 3,000 tonnes of 250N, 3,000 tonnes of 450N and 2,000 tonnes of 650N base oils, he said.
High inventory and good margins are reasons behind the supply increase to China, the source added.
The traded prices of Russian Group I base oils have rebounded in China recently, a second trader said, attributing this to lower supply of Group I products from China’s major producer Sinopec.
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