27 February 2013 06:12 [Source: ICIS news]
SINGAPORE (ICIS)--Russia’s Rosneft has decided to offer Group I base oils to China every two months, starting from March, a Chinese trader said on Wednesday.
The company previously issued tenders to China buyers on a monthly basis.
The company plans to export 18,900 tonnes of Group I base oils to China for March and April, consisting of 11,340 tonnes of low-viscosity products and 7,560 tonnes of high-viscosity grades, the trader said.
The volumes will all be produced by the company’s 250,000 tonne/year Group I base oils plant at Angarsk in Russia.
Prices for March-April are not announced yet, the trader said, adding that the prices are expected to increase in line with rising benchmarks.
Rosneft is benchmarked against ICIS assessments for its Group I contracts.
The company exported 9,100 tonnes of Group I products to China in February, down by 4.2% from January, traders said.
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