05 January 2012 10:55 [Source: ICIS news]
SINGAPORE (ICIS)--China National Offshore Oil Corp (CNOOC) is now running its 400,000 tonne/year base oil plant at Huizhou, Guangdong province, at full capacity, following a restart in late December, a company source said on Thursday.
The plant was closed down for scheduled maintenance on 2 October, the source added.
The production stoppage had a minimal impact on domestic base oil markets, as the producer had ample stocks to hand during the period, the source said.
Oversupply of base oils is expected to increase in southern China, with CNOOC’s production resuming while the local market is already filled with spot cargoes, a trader based in the region said.
CNOOC mainly produces Group II 60N and 150N base oils at the Huizhou plant.
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