05 August 2013 06:54 [Source: ICIS news]
SINGAPORE (ICIS)--China’s largest oil refiner Sinopec plans to supply about 15,000 tonnes of Group I and II base oils to the domestic market in August, up by 50% month on month, a company source said on Monday.
In July, Sinopec sold about 10,000 tonnes of Group I and II base oils, down by 33% from a month ago.
Sinopec Jingmen and Sinopec Ji’nan have resumed supply this month of high-viscosity Group II base oils from their 100,000 tonne/year and 150,000 tonne/year Group II plants, thus pushing up the overall supply volume, the source said.
Meanwhile, Sinopec Henan Oilfield will also increase its Group I supply to 4,000 tonnes, the source said.
On the other hand, no Group I base oils supply will be available from Sinopec Beijing Yanshan as output from its 300,000 tonne/year unit will be mainly kept for Sinopec’s own lubricants production, the source said.
Offers for August-delivered base oils supply are expected to stabilise from most of Sinopec’s subsidiary refiners because of rising supplies and weak demand for low-viscosity grades, the source said.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections