China’s Sinopec to raise base oil output by 10% in October
09 October 2012 10:11 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>China’s largest oil refiner Sinopec plans to increase its base oil output by 10% month on month to about 110,000 tonnes in October, a company source said on Tuesday.
The increase mainly comes from its Jinan base oil plant, which was restarted in early October after the completion of its expansion to a capacity of 150,000 tonnes/year from the previous 100,000 tonnes/year, the source explained.
As Sinopec’s supplies to spot markets in October will remain basically flat with September, with most of its outputs to be kept for captive use, the production increase will have minimal impacts on market prices, industry source said.
Group I base oils were traded at yuan (CNY) 8,900-9,600/tonne ($1,415-1,526/tonne) on 9 October in China, down by CNY50/tonne from two weeks before, according to traders.
Sinopec produced around 100,000 tonnes of base oils in September, up by 11% from a month ago.
($1 = CNY6.29)By: Whitney Shi+65 6780 4359
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