BEIJING, July 1st, 2010 - Sinopec may lower its base oil producer price by 150 to 200 yuan/metric ton, according to chem99.com., an energy portal website.
According to chem99, almost all Sinopec refineries, including the Ji'nan refinery, Jingmen Petrochemical, Gaoqiao Petrochemical, Yanshan Petrochemical, and Maoming Petrochemical, will reduce the base oil price from July 1.
Sinopec's move is a reaction to the base-oil market which entered a bleak season from late May with stockpiles in refineries and importer s mounting up.
Most market buyers are taking a wait-and-see attitude and base-oil sales have been in the doldrums.
It is observed that PetroChina and Sinopec are finding it hard to sell their base oil at a high price currently.
Against this gloomy background, PetroChina has put Dalian Petrochemical into overhaul and its Daqing Petrochemical will also enter maintenance in August to reduce stockpile pressure.
Sinopec's Jingmen Petrochemical also started maintenance in late May. - Xinhua News Agency
According to chem99, almost all Sinopec refineries, including the Ji'nan refinery, Jingmen Petrochemical, Gaoqiao Petrochemical, Yanshan Petrochemical, and Maoming Petrochemical, will reduce the base oil price from July 1.
Sinopec's move is a reaction to the base-oil market which entered a bleak season from late May with stockpiles in refineries and importer s mounting up.
Most market buyers are taking a wait-and-see attitude and base-oil sales have been in the doldrums.
It is observed that PetroChina and Sinopec are finding it hard to sell their base oil at a high price currently.
Against this gloomy background, PetroChina has put Dalian Petrochemical into overhaul and its Daqing Petrochemical will also enter maintenance in August to reduce stockpile pressure.
Sinopec's Jingmen Petrochemical also started maintenance in late May. - Xinhua News Agency
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