China’s Sinopec raises August domestic base oils supply by 50%

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.

By: Whitney Shi
+65 6780 4359

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