16 April 2013 07:15 [Source: ICIS news]
SINGAPORE (ICIS)--Russia’s Rosneft has decided to halt its Group I base oil exports to China in May in view of falling output as a plant will be shut for maintenance, a Chinese trader said on Tuesday.
The company plans to shut its 250,000 tonne/year Group I base oil plant at Angarsk in Russia in early May for a one-month turnaround, the source explained.
The company will supply just 10,000 tonnes of Group I base oils to China during May-June, a 47% decline from its March-April exports, the source said.
Rosneft has been issuing base-oil tenders to Chinese buyers once every two months since March.
The reduced supply from Russia in May-June is expected to boost Group I base oil prices in China, major Chinese traders of Russian oil said.
Group I base oils were traded at yuan (CNY) 8,600-9,700/tonne ($1,389-1,567/tonne) in north China, flat from a week ago, the traders said.
The north China market is a major consumer of Russian Group I base oils.
Rosneft supplied a total of 18,900 tonnes of Group I base oils to China in March-April. The supply included 11,340 tonnes of low-viscosity grades and 7,560 tonnes of high-viscosity grades.
($1 = CNY6.19)
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