PetroChina to restart Daqing Group II base oils unit on 5-6 Nov

02 November 2012 08:17  [Source: ICIS news]

SINGAPORE (ICIS)--China’s oil major PetroChina plans to restart its 200,000 tonne/year Group II base oils plant at Daqing in Heilongjiang province on 5-6 November, a company source said on Friday.

The company shut the plant on 12 October for three to four weeks of maintenance, the source said.

PetroChina, the sole Group II base oils producer in northeast China, largely produces N60/70 and N150 grades in Daqing city.

During the shutdown, Group II N150 base oils continued to be supplied as the company had stocked up on the product before the shutdown, while N60/70 stock was limited, the source added.

Prices of Group II N60/70 grades are expected to fall from their high levels as the restart will ease the limited availability in northeast China, the source said.

Supply of N60/70 base oils has been tight in northeast China as a result of low production, the source added.

Group II N60/70 base oils were traded flat from a week before at yuan (CNY) 9,400-9,800/tonne ($1,506-1,571/tonne) on 2 November in northeast China, traders said.

($1 = CNY6.24)

By: Whitney Shi
+65 6780 4359

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