PetroChina to shut Daqing base oils plant in late March

11 March 2013 09:40  [Source: ICIS news]

SINGAPORE (ICIS)--PetroChina plans to shut its 250,000 tonne/year Group I base oils plant at Daqing in Heilongjiang province in late March for a one-month routine turnaround, a company source said on Monday.

China’s Group I base oils supplies are expected to tighten in the spot market in March as most domestic producers will shut their units for maintenance and some Group I producers in Asia have also lowered their utilisation rates in the first quarter, industry sources said.

Meanwhile, demand for Group I grades rebounded in March during the consumption peak, the sources said.

Therefore, Group I prices are expected to firm in March, the sources added.

China’s Group I base oils were traded at yuan (CNY) 8,500-9,300/tonne ($1,366-1,495/tonne) in north and northeast China, up by CNY50/tonne from a week ago, traders said.

($1 = CNY6.22)

By: Whitney Shi
+65 6780 4359

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