CNOOC Huizhou defers launching 400,000mt/yr Group II base oil unit till mid or late May

Chemical News: CNOOC Huizhou defers launching 400,000mt/yr Group II base oil unit till mid or late May

https://www.chemnet.com May 04,2011
CNOOC Huizhou Refinery deferred launching its 400,000mt/yr Group II base oil unit which was under trial run at present till mid or late May, revealed a refinery source.

As C1 had reported earlier, the refinery previously set to start it in late April-early May. It would mainly produce 60N and 150N base oils upon startup.
Thanks to the postponement, Huizhou Refinery's products could not enter the market during the peak consumption season of lubricants, thus most domestic traders showed less interests in them, pointed out an East China-based trader.

Domestic traders had been eagerly expecting homemade Group II resources in view of the ever-mounting prices of imported resources and tight supplies in Asia, an industry source said. Take 150N grade for instance, CFR China prices rose US$270/mt during January-April, which meant greater risks of import loss, he illustrated.

CNOOC Huizhou Refinery is located in South China's Guangdong.

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