07 January 2013 06:02 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec Jingmen has decided to delay the restart of its 250,000 tonne/year Group I base oil plant at Jingmen in Hubei province to March, from late January originally, a company source said on Monday.
The company decided to postpone Group I base oil production in view of weak downstream demand in the Chinese domestic market, the source explained.
Existing Group I stocks will be sold to the company’s lubricant subsidiaries only and no spot supplies will be available during the shutdown, the source said.
The company raised its EXW (ex-works) offers for Group I grades by yuan (CNY) 200/tonne ($32/tonne) because of tight supply in the domestic market although it was not able to conclude any deals, the source added.
Sinopec Jingmen shut its 250,000 tonne/year Group I and 100,000 tonne/year Group II base oil plants at Jingmen in late December for maintenance.
Maintenance at the Group II base oil plant is completed and has resumed production.
($1 = CNY6.23)
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