07 August 2012 08:53 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Jingmen Petrochemical plans to restart its 250,000 tonne/year Group I base oils plant at Jingmen in Hubei province later this week, a company source said on Tuesday.
The plant was shut in early July for maintenance, added the source.
Jingmen Petrochemical had raised its offers for Group I base oils by yuan (CNY) 100/tonne ($16/tonne) for August, in line with rising crude prices, said the source.
The resumption of production is expected to boost base oils supply in central China, while prices are likely to stay flat as demand rebounded in early August, said market sources.
Jingmen Petrochemical, a Sinopec subsidiary, also operates a 100,000 tonne/year Group II plant at the same site. This plant was restarted in late July after a maintenance shutdown in late March, said the company source.
($1 = CNY6.37)
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