05 July 2013 05:05 [Source: ICIS news]
SINGAPORE (ICIS)--China’s largest oil refiner Sinopec plans to supply about 10,000 tonnes of Group I and II base oils to the spot market in July, down by 33% month on month, a company source said on Friday.
The decline will be mainly attributable to the reduction in supply volumes from Sinopec Jingmen and Sinopec Henan Oilfield, with Group I base oil plant capacities of 200,000 tonnes/year and 50,000 tonnes/year respectively, the source explained.
Sinopec Beijing Yanshan is likely to halt its spot base oil supply in July as the Sinopec subsidiary has delayed the restart schedule of its 300,000 tonne/year Group I base oil plant to the middle of July, the source added.
Several Sinopec subsidiary refiners are expected to reduce their base oil prices in July in view of weak downstream demand for low-viscosity grades, the source said.
Sinopec sold 15,000 tonnes of Group I and II base oils in June, flat from a month ago.
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