15 January 2013 06:26 [Source: ICIS news]
SINGAPORE (ICIS)--South Korean oil refiner S-OIL plans to shut its 500,000 tonne/year Group III base oil plant at Onsan in South Korea in March for a month-long turnaround, a company source said on Tuesday.
The company will focus on fulfilling its contractual commitments during the plant’s shutdown, with only a few spot cargoes supplied to both domestic and overseas markets, the source added.
S-OIL also plans to shut its 1.02m tonne/year Group II base oil plant at the same site in July for around one month of maintenance, the source added.
Prices of Group III base oils in Asia are likely to rise in March, according to major importers based in China.
They said improving demand from Asian lubricant producers and importers as well as decreasing supply on the back of S-OIL’s plant shutdown will support the price hike.
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