04 June 2012 07:54 [Source: ICIS news]
SINGAPORE (ICIS)--China National Offshore Oil Corp (CNOOC) will put off restarting its 400,000 tonne/year Group II base oil plant at Huizhou in ?xml:namespace>
The company shut the plant on 12 May and was planning to resume production at the end of May. However, this will be delayed because of high inventory levels on the back of weak downstream demand in
CNOOC will consider delaying the restart again if the inventory levels remain high in late June, the source added.
The company reduced its Group II base oil prices recently amid bearish market sentiment and inventory pressure, the source said.
It lowered its N60 price by yuan (CNY) 200/tonne ($31/tonne) to CNY9,400/tonne on 30 May, and its N150 price by CNY400/tonne to CNY9,750/tonne on 1 June, the source added.
($1 = CNY6.37)
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