20 July 2012 08:08 [Source: ICIS news]
SINGAPORE (ICIS)--China National Offshore Oil Corp (CNOOC) restarted its 400,000 tonne/year Group II base oils plant at Huizhou in ?xml:namespace>
The company is planning to achieve on-spec production by 27 July, the source said.
It will reduce production of N150 base oils because the grade is currently in oversupply in the market, and switch to producing N100 and N220 base oils instead, the source added.
The actual yield ratio will depend on the supply and demand situation in the market, the source said, adding that supply of N60 base oils will remain unchanged.
The ex-plant prices of N60 and N150 base oils were yuan (CNY) 9,150/tonne ($1,436/tonne) and CNY9,350/tonne respectively on 20 July, according to ICIS data.
CNOOC’s Huizhou plant was brought off line on 12 May for maintenance. The plant’s restart was delayed twice as a result of weak demand in the Chinese market, the source added.
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