Russia’s Rosneft to cut October base oils supply to China by 15%

18 September 2012 06:37  [Source: ICIS news]

SINGAPORE (ICIS)--Russia’s Rosneft plans to reduce its Group I base oils supply to China by almost 15% in October from the previous month to 3,410 tonnes, a Chinese trader said on Tuesday.

The planned shipments will consist of 1,410 tonnes of low-viscosity products and 2,000 tonnes of high-viscosity materials, the trader said.

Production is expected to be low in October as the company will not restart its 250,000 tonne/year Group I base oils plant at Angarsk until mid-October, the trader explained.

Meanwhile, Russian base oils exports to China are expected to drop in October when its domestic demand starts to rebound, traders said.

Prices of Group I base oils are expected to firm in China in the coming month because of increasing international crude prices, despite falling demand in China, the traders said.

Rosneft will export an estimated total of 4,000 tonnes of Group I base oils to China in September.

By: Whitney Shi
+65 6780 4359

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