06 July 2012 11:17 [Source: ICIS news]
SINGAPORE (ICIS)--China’s oil giant PetroChina plans to increase its spot supply of Group I base oils to 20,000 tonnes in July, almost triple the 7,000 tonnes supplied in June, a company source said on Friday.
The sharp increase was primarily a result of lower captive usage from its lubricant plants, according to the source.
Meanwhile, PetroChina is cutting prices to boost sales. It reduced the prices of Group I cargoes produced by its Fushun and Daqing plants by yuan (CNY) 800/tonne ($126/tonne) to CNY8,900-9,200/tonne EXW (ex-works) on 6 July, market sources said.
($1 = CNY6.36)
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