05 February 2013 03:37 [Source: ICIS news]
SINGAPORE (ICIS)--China’s largest oil refiner Sinopec plans to supply about 5,000 tonnes of base oils to the domestic market in February, a decline of 50% month on month, a company source said on Tuesday.
The supply will all be Group I grades, the source said.
About 4,000 tonnes will be produced by Sinopec Henan Oilfield and 1,000 tonnes will be supplied by Sinopec Beijing Yanshan. These subsidiaries have Group I base oils plant capacities of 50,000 tonnes/year and 260,000 tonnes/year respectively.
Group II grades produced by its 150,000 tonne/year plant at Jinan in Shandong province will be kept for captive use, the source added.
The drop was attributable to low operating rates at major underlying refineries such as Sinopec Shanghai Gaoqiao and Sinopec Maoming in February, the source explained.
Freight transport via trucks and railways is likely to be affected during the week-long Chinese Lunar New Year holiday on 9-15 February, added the source.
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