10 May 2012 09:02 [Source: ICIS news]
SINGAPORE (ICIS)--China’s oil giant PetroChina has decided to increase its Group I base oil supply by 40% from a month ago to about 7,000 tonnes in May, a company source said on Thursday.
The company has resumed production at its 150,000 tonne/year Fushun plant since the beginning of May and raised the operating rate at its 450,000 tonne/year facility at Dalian Petrochemical, leading to higher base oil output, the source said.
Prices of Group I base oils are expected to decline in northeast China in May as a result of weak downstream demand and increasing supply from PetroChina, market sources said.
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