South Korea’s GS Caltex to shut base oil plant in early Mar ‘13

18 December 2012 08:22  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s GS Caltex plans to shut its 1.3m tonne/year (26,000 bbl/day) Group II and III base oil plant in Yeosu in early March next year for maintenance, a company source said on Tuesday.

The oil refiner will restart the base oil plant in late April and it will fulfil its contractual commitments during the 40-day turnaround, the source said.

GS Caltex is offering its December spot Group II and III base oils at $950-1,050/tonne (€722-798/tonne) FOB (free on board) South Korea, down by $50/tonne from a month ago, market sources said.

China-based importers are reluctant to accept the produer’s offers, which were higher than those of other regional suppliers, the sources added.

However, GS Caltex is unwilling to reduce its spot offers to China in view of the planned shutdown next year, according to market sources.

($1 = €0.76)

By: Whitney Shi
+65 6780 4359

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