China’s Sinopec Jingmen delays Group I base oil unit restart

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)


By: Whitney Shi
+65 6780 4359



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