23 November 2012 08:47 [Source: ICIS news]
SINGAPORE (ICIS)--PetroChina has restarted its 200,000 tonne/year Group II base oils plant at Daqing in Heilongjiang province, a company source said on Friday.
The company shut the plant on 10 November as a result of a unit glitch.
The plant is expected to achieve on-spec product on 26-28 November, the source said.
Group II N150 base oils prices are expected to stabilise after the restart as PetroChina has reduced the price before, the source added.
However, the prices of N60/70 grades are expected to drop significantly as a result of increasing supplies in the northeast China market after the restart, major local traders said.
Group II N60/70 base oils were traded flat at yuan (CNY) 9,400/tonne ($1,506/tonne) in northeast China on 23 November, the traders added.
PetroChina, the sole Group II base oils producer in northeast China, largely produces N60/70 and N150 grades in Daqing city.
($1 = CNY6.24)
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