26 November 2012 05:45 [Source: ICIS news]
SINGAPORE (ICIS)--Russia’s Rosneft plans to raise its Group I base oil supply to China by 26% month on month to 8,800 tonnes in December, a Chinese trader said on Monday.
The company increases the exports to China in December to shed stocks at the year-end in view of falling demand from Europe, the trader explained.
The planned shipments will consist of 5,000 tonnes of low-viscosity products and 3,800 tonnes of high-viscosity grades, which are all produced at the company’s 250,000 tonne/year Group I base oil plant at Angarsk in Russia, the trader added.
The settlement prices of these cargoes are expected to drop as the buying interest from most Chinese importers is low amid ample supply in the domestic market, traders said.
Rosneft exported a total of 6,960 tonnes of Group I base oils to China in November, more than double of the volume in October.
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