22 November 2012 04:25 [Source: ICIS news]
SINGAPORE (ICIS)--Dalian Petrochemical, a PetroChina subsidiary, has resumed exports of base oils as it supplied 3,000 tonnes of base oils to Singapore lubricant producers in November, a company source said on Thursday.
The volumes consist of 2,000 tonnes of Group I SN150 base oils and 1,000 tonnes of SN400 grades, the source added.
However, the source declined to comment on the traded prices.
Dalian Petrochemical has cut its offers and planned to reduce production under the pressure of high inventory as a result of weak demand in the Chinese domestic market, market sources said.
Therefore, the 3,000 tonne export is expected to ease the company’s stock pressure, the sources added.
Dalian Petrochemical, which operates a 450,000 tonne/year base oil plant at Dalian in Liaoning province, has suspended Group I base oils exports since April this year.
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