25 June 2012 10:07 [Source: ICIS news]
SINGAPORE (ICIS)--CNOOC Bitumen (Taizhou) is planning to restart its 900,000 tonne/year bitumen plant at Taizhou in Jiangsu province on 5 July, a company source said on Monday.
The plant was taken offline on 21 June for scheduled maintenance, together with a 1.5m tonne/year upstream crude distillation unit.
The company’s bitumen stocks are almost depleted, the source said.
Despite the production halt at the Taizhou plant China’s bitumen prices will remain low because of poor demand, traders predicted.
Heavy paving bitumen prices were assessed at yuan (CNY) 4,750–4,800/tonne ($738–754/tonne) on 25 June, ICIS data show.
CNOOC Bitumen (Taizhou) is a subsidiary of Chinese oil and chemical major China National Offshore Oil Corp (CNOOC).
($1 = CNY6.37)
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