base oil... · 2013-05-02 · singapore - brgi ht stock 800 900 1000 1100 1200 1300 1400 1500...

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Petrosil Base Oil Report – May 02, 2013

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Base Oil FOB Export Cargo Prices in USD/MT Region TOBS SN 70 SN 150 SN 500 BS - 150 J 150 J 500 United States 925 - 935 930 - 940 935 - 945 940 - 945 1025 - 1040 Europe 980 - 985 990 - 1010 1045 - 1055 Russia 955 - 965 965 - 975 Iran 960 - 965 965 - 975 Saudi Arabia 985 - 995 995 - 1005 1070 - 1080 Korea (N -60/70) 975 - 990 Singapore 995 - 1005 1005 - 1010 1075 - 1090 1020 - 1025 1040 - 1050

Japan 1005 - 1010 1020 - 1025

Singapore - BrightStock

800

900

1000

1100

1200

1300

1400

1500

May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13

Europe - Bright Stock

United States - BS-150

Singapore - SN 500

Singapore - SN 150

Europe - SN 500

Iran - SN 500

Europe - SN 150

Iran - SN 150

United States - SN500

United States - SN150

United States -TOBS/SN 70

Korea - TOBS

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500

600

700

800

900

1000

1100

1200

1300

1400

1500

May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13

BS 150

J 500

SN 500

SN 70

SN 150

TOBS 60

SN 500 - Iran

CFR Base Oil Prices in USD PMT for JNPT, India

Base Oil Domestic Cargo Prices in USD/MT

Region TOBS/N-70 SN 70 SN 150 SN 500 BS - 150 J 150 J 500

United States 1065 - 1075 1075 - 1085 1080 - 1090 1090 - 1100 1150 - 1165

Europe 1020 - 1030 1030 - 1040 1090 - 1095

Russia 995 - 1000 1000 - 1005

China 1060 - 1070 1065 - 1070 1085 - 1095

Singapore 1020 - 1025 1040 - 1045 1090 - 1095

India 1450 - 1470 1360 - 1380 1375 - 1395 1620 - 1640

Domestic Refiners Base Oil Prices (w.e.f 02.05.2013)

HPCL Prices ex Mumbai Rs./Ltr Diff Prev Mth USD/MT Change Density

SN 70 (Alprol 12) - Density 0.849 to 0.851 66.11 1.70 1422 37 0.851



Bright Stock - 460 Density 0.891 to 0.893 79.10 1.70 1621 35 0.893

IOC Product Price ex Chennai (CPCL)* Rs./Ltr USD/MT Change Density

SN-70 69.75 1.70 1500 37 0.851

SN-150 65.75 1.70 1397 36 0.861

SN-500 68.15 1.80 1415 37 0.881

BS-150 80.20 1.70 1643 35 0.893

Rubber Process Oil - Heavy NA NA NA NA NA

Rubber Process Oil - Light NA NA NA NA NA

IOC Product Price ex Mumbai Rs./Ltr Diff Prev Mth USD/MT Change Density

SN-70 67.75 1.70 1457 37 0.851

SN-150 63.85 1.70 1357 36 0.861

SN-500 66.15 1.80 1374 37 0.881

BS-150 79.05 1.70 1620 35 0.893

H -70 ( Group II) 72.05 1.70 1560 37 0.845

H-150 (Group II) 64.65 1.70 1398 37 0.846

H-500 (Group II) 67.35 1.80 1431 38 0.861

BPCL Group II+ Product Price ex Mumbai Rs./Ltr Diff Prev Mth USD/MT Change Density

MAK Base N 65 67.75 1.70 1471 37 0.843

MAK Base N -150 64.85 1.70 1403 37 0.846

MAK Base N 500 67.15 1.80 1427 38 0.861

Transformer Oil & White Oils Tech. & IP Prices Rs./Ltr Diff Prev Mth USD/MT Change Density

Transformer Oil (Bulk) 53.00 0.75 1141 16 0.85

Transformer Oil (Drum) 57.75 0.50 1243 11 0.85

White Oil N 70 (Bulk) 52.80 1.50 1185 34 0.815

White Oil N 150 (Bulk) 54.00 1.00 1199 22 0.824

White Oil N 500 (Bulk) 56.50 0.50 1249 11 0.8275

Light Liquid Paraffin IP Grade 53.35 1.00 1193 22 0.818

Heavy Liquid Paraffin IP Grade 61.65 1.00 1356 22 0.832

* All prices are ex. stock excluding 14% excise duty. 3% Education Cess.

12.5% VAT or 2% CST effective April 1, 08. as applicable

For conversion from Rs./Ltr. to USD/MT, exchange rate used is 1USD = 54.65

Customs exchange rate applicable is 1 USD = 54.50

Quantity discounts on the above prices range from Rs.12.00 - Rs. 15.00 per litre (Only State Oil PSUs)

Base Oil imports to Mumbai, JNPT, Kandla, Chennai & Pirpau, India for the period April 16 - 30 2013

Company Name Grade Qty (MT) Name of Vessel Date of Arrival Location

Unknown Heavy White Oil 939 Fen 18.04.2013 Mundra

Panama Petrochem Ltd BASE OIL SN 500 1427 Manas 21.04.2013 Mumbai

Panama Petrochem Ltd BASE OIL SN 150 480 Manas 21.04.2013 Mumbai

Gandhar Oil Refinery India Ltd BASE OIL SN 500 480 Manas 21.04.2013 Mumbai

Sah Petroleum BASE OIL SN 500 480 Manas 21.04.2013 Mumbai

Sah Petroleum BASE OIL SN 150 1431 Manas 21.04.2013 Mumbai

Apar Industries Limited BASE OIL SN 150 480 Manas 21.04.2013 Mumbai

Indian Oil GROUP III BASE OIL 4 CST 500 Manas 21.04.2013 Mumbai

Indian Oil GROUP III BASE OIL 6 CST 952 Manas 21.04.2013 Mumbai

KLJ Resources NEXBASE 3080 1900 Artemis 24.04.2013 Mumbai

Savita Oil Tech Ltd BASE OIL 150N 951 Artemis 24.04.2013 Mumbai



Raj petro Specialities pvt.ltd NEXBASE 3043 1426 Artemis 24.04.2013 Mumbai

Raj petro Specialities pvt.ltd NEXBASE 3080 600 Artemis 24.04.2013 Mumbai

Unknown Base Oil 2095 VL Violent 24.04.2013 JNPT

Unknown Base Oil 2091 Dl Violet 29.04.2013 JNPT

Unknown Base Oil 4250 Ginga Cougar 30.04.2013 JNPT

Gandhar Oil Refinery India Ltd Base Oil 701 Chemroad Lily 01.05.2013 Mumbai

Gandhar Oil Refinery India Ltd HVI Base Oil 1299 Chemroad Lily 01.05.2013 Mumbai

Raj Petro Specialities Pvt Ltd HVI Base Oil 1099 Chemroad Lily 01.05.2013 Mumbai

Panama Petrochem Limited HVI Base Oil 1998 Chemroad Lily 01.05.2013 Mumbai

Savita Oil Technologies Limited HVI Base Oil 2498 Chemroad Lily 01.05.2013 Mumbai

Apar Industries Limited HVI Base Oil 3996 Chemroad Lily 01.05.2013 Mumbai

Ipsa Texchem HVI Base Oil 200 Chemroad Lily 01.05.2013 Mumbai

Castrol India Limited Base Mineral Oil 1732 Chemroad Lily 01.05.2013 Mumbai

36005 Expected Vessels

Unknown Naphthenic Transformer Oil Base Stock 1049 Stolt Sneland. 07.05.2013 Houston

Apar etc Base Oil Hydrosol 100/2000/60 N.T.Oil 5234 Stolt Groenland 12.05.2013 Houston

Unknown Base Oil 5250 SC Ningbo 13.05.2013 JNPT

11533

Current Base Oil Prices

Import Base Oil Prices - CNF Mumbai/ JNPT Density USD/MT

Base Oil N-60 ( Korean) 0.808 - 0.813 1025 - 1030

Base Oil N-70 (Korean) 0.815 -0. 821 1030 - 1035

Base Oil 500 (Russian) 0.867 - 0.872 1020 - 1025

Base Oil N 100 (USA) 0.843 - 0.849 NA

Base Oil N-150 (USA) 0.851 - 0.855 NA

SN-500 (USA) 0.885 - 0.889 NA

SN-150 ( Iran) 0.860 - 0.865 1015 - 1020

SN-500 (Iran) 0.887 - 0.889 1030 - 1040

Base Oil J-150 (Singapore) 0.851 - 0.852 1070 - 1080

Base Oil J-500 ( Singapore) 0.861- 0.865 1080 - 1095

Base Oil 250 N (Korean) 0.821 - 0.825 1080 - 1095

Base Oil 500 N (Korean) 0.840 - 0.845 1090 - 1100

Base Oil Pale -L -2000 (USA) 0.910 - 0.920 1060 - 1070

Bright Stock (USA) 0.891 - 0.893 1130 - 1150

Rubber Process Oil Bulk (Iran) 0.985 - 1.03 670 - 680

Rubber Process Oil ( Drums) (Iran) 0.985 - 1.03 690 - 700

Custom Duty with effective from 25 June 2011 is decreased from 10% to 5%. SAD 4% (Refundable)

Month wise Import Of Base Oil in India

176817187791 186277

175967 177890188959

161937

193980166096199633 191856

139099 138109

0

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60000

90000

120000

150000

180000

210000

Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13

baseoilreport.com

China Domestic Base Oil Rack Prices – May 02, 2013 Area Products Grade Refiner Yuan/mt

base oil 150SN Daqin 10175

base oil 350SN Daqin 10425

base oil 150SN Dalia 10525

base oil 400SN Dalia 10625

base oil 150SN CNPC 10025

base oil 350SN CNPC 10675

base oil Second-cut Panji 7525

base oil Third-cut Panji 7295

base oil Fourth-cut Panji 7425

base oil naphthenic Liaoh 8725 NE-China base oil naphthenic Liaoh 8775

base oil 2A Nanya 9925



base oil First-cut Petro 8075 N-China base oil Second-cut Petro /

base oil 75N Shand 8825




base oil First-cut Shand 7875

base oil First-cut Dawan 7475

base oil SZ 2# CNOOC 7825



base oil First-cut Shand 7625

base oil Second-cut Shand 7025 Shandong base oil 250N Shand 8975

base oil First-cut CNOOC 7775

base oil Second-cut CNOOC 7625

base oil Third-cut CNOOC 7825

base oil Fourth-cut CNOOC 7625

white oil 5# Jinli 8925

white oil 3# Zhenh 8675

white oil 5# Zhenh 8915

base oil second grad Ningb 7395

base oil high solidi Ningb 7365

base oil third grade Ningb 7165

base oil high solidi Ningb 6895

base oil Fourth-cut Ningb 7325 E-China base oil Fourth-cut Ningb 7275

Along Changjiang River

white oil 3# Maomi 8875

white oil 5# Maomi 9025

base oil First-cut CNOOC 8475 S-China base oil Second-cut CNOOC 7895

FCC raw ma 1# CNOOC 7695

FCC raw ma 2# CNOOC 7695

SW-China FCC raw ma 3# CNOOC 7475

Global Shipping Freights Destination Wise in USD/MT - 3000 MT Cargo Chemicals/Lubes

To

Form Mumbai Saudi Arab UAE Shanghai S. Korea Sri Lanka Pakistan Japan Bangkok Jakarta Taiwan Rotterdam

USA 60 - 65 45 - 50 50 - 55 75 - 80 75 - 80 NA 65 - 70 NA NA NA NA 55 - 60

Europe 56 - 59 45 - 50 55 - 60 70 - 75 65 - 70 NA 50 - 55 NA NA NA NA NA

Singapore 30 - 35 50 - 55 35 - 40 40 - 45 25 - 30 25 - 30 30 - 35 35 - 40 30 - 35 30 - 35 NA NA

S. Korea 35 - 45 45 - 50 40 - 45 20 - 25 NA 25 - 30 35 - 40 20 - 25 20 - 35 NA 20 - 25 85 - 90

Iran 30 - 35 25 - 30 20 - 25 50 - 55 NA NA 20 - 25 NA NA NA NA NA

Russia 60 - 65 40 - 45 45 - 50 NA NA NA 45 - 50 NA NA NA NA NA

Saudi Arab 45 - 50 NA 30 - 35 60 - 65 NA NA 30 - 35 NA NA NA NA NA

Japan 50 - 55 55 - 60 55 - 60 20 - 25 25 - 30 30 - 35 55 - 60 NA NA NA NA NA

Taiwan 45 - 50 55 - 60 45 - 50 25 - 30 25 - 30 35 - 40 50 - 55 20 - 25 NA NA NA NA

Indonesia 35 - 40 40 - 45 40 - 45 30 - 35 20 - 25 30 - 35 45 - 50 30 - 35 NA NA NA NA

Thailand 35 - 40 45 - 50 35 - 40 25 - 30 25 - 30 30 - 35 35 - 40 25 - 30 NA NA NA NA

UAE 25 - 30 NA NA 60 - 65 NA NA NA NA 35 - 40 NA NA NA

Oil futures closed lower Wednesday for second straight session as rising worries about the outlook for energy demand combined with news of a hefty jump in U.S. crude supplies to pull prices down by nearly 3%. Prices pared some losses to recoup the $91 level shortly after the U.S. Federal Reserve made no changes to its bond-buying program, but said it was prepared to “increase or reduce the pace of its purchases.” Economic stimulus is supportive for energy demand. Crude oil for June delivery fell $2.43, or 2.6%, to settle at $91.03 a barrel on the New York Mercantile Exchange. That was the lowest settlement since April 23.The June contract for rival benchmark Brent crude fell below the $100-a-barrel level. It finished down $2.42, or 2.4%, to $99.95 a barrel in London. It hasn’t closed below $100 since April 19.A slowdown in U.S. private-sector jobs growth and a fall in Chinese manufacturing activity fed concerns over energy demand, while a U.S. government report Wednesday confirmed that crude inventories rose much more than expected last week. “We would surmise that we will continue to see weakness across the energy sector,” he said, adding that “revisit of sub-$90” on West Texas Intermediate crude is “a real possibility.” It touched a low of $90.11. Base Oil prices for Paraffinic & Naphthenic grades in the Global market have started inching up. Most of the USA refiners have announced their Group I & II base oil numbers marginally upwards by 10 – 30 cents per gallon during the last month. Group I Base Oils like SN-150/500/600 inventories are at sufficient level. Lighter grades Group II Base Oil N -70/85/110 prices are also firming up with renewed demand from the buyers. Group III Base Oil numbers are also all set to be hiked in the range of 12 - 20 cents per gallon. USA FOB Naphthenic Base Oil prices for heavy grades like Pale 750/2000 are hovering in the price range of USD 995 - 1005/990 -1000PMT respectively. Demand for lighter grades Naphthenic base oil N -60 is steady amidst demand from transformer oils manufacturers. Group II Base Oils lighter grades of approximately 8500 MT is also offered by US refiners at a competitive prices and have been loaded for Asian region. Finished Lubricants manufacturers like Exxon Mobil, Chevron Shell Lubricants and BP Lubricants have hiked prices by 4 -6 % approximately during April and May 2013. US FOB exports prices for Group I Base Oil are quoted for the grades SN -70 (930 - 940), SN -150 (USD 935 - 945), SN -500 (USD 940 - 945), Bright Stock (USD 1025 - 1040) PMT respectively. Group II Base Oil Prices for N -70 (USD 925 - 935), N-110 (USD 950 - 960), N-220 (USD 990 - 1020), N-600 (USD 1030 - 1040) PMT respectively. Domestic US prices are marginally ticked upwards and are offered for Group I for SN-70/150/500/Bright Stock in the range of USD 1075 - 1085/1080 - 1090/1090 - 1100/1150 - 1165 per MT. Group II prices have also been marked up marginally and are quoted around USD 1065 - 1075/1065 - 1080/1110 - 1115/1160 - 1180 PMT for N -70/100/220/600. Group III Base Oil prices in the domestic market have inched up and at present are quoted for 4 Cst (USD 1655 – 1665 ), 6 Cst (USD 1635 - 1645 ) 8Cst (USD 1555 - 1595 ) PMT respectively. Another parcel of 2900 MT higher viscosity Naphthenic grades are getting ready to be shipped shortly. Kuwait Petroleum International Lubricants (Q8 Oils) is building a new Lubricant blending plant at Antwerp, Belgium, which is to be started by the end of the year 2014 having a capacity of 125000 MT. Base Oil Group II prices in Middle East Gulf are offered much cheaper than Group I Base Oil due to lower prices offered into India by Far East suppliers. Prices for lighter grades are available in the range of USD 1060 – 1070 and for higher grades it is in the range of 1090 – 1100 PMT CIF Middle East Gulf Ports.

Before he could convince himself to sell re-refined oil to his customers, Dan Gleisner had to be sold on the notion himself. And when it comes to oil products, Gleisner considers himself a tough sell. “I’m a skeptical person,” said Gleisner, who owns the Super-Lube in Waunakee. “I own this business, and if I sell something, it has my name on it, and I’m not going to sell an inferior product. I don’t do that with anything else, so I’m not going to start with oil.” But after doing considerable homework, Gleisner decided to add PureGreen oil, a premium re-refined oil produced by North American Lubricants of Scottsdale, Ariz., and distributed by Moore Oil of Milwaukee, to his product line. “I’ve been in the industry for 17 years, and I thought I’d seen it all, but I’m convinced,” he said. “This is Dane County, so I thought it would be the right marketplace. Many of our customers are concerned about the fluids their cars use and the impact their car has on the environment. So if this can help bring new customers in the door, that’s a bonus for me as a business owner.” Re-refined, or recycled oil, is formulated from a base of used motor oil. It goes through a process that removes water and impurities and then restores performance additives. One barrel of used oil can produce 25 gallons of re-refined oil, while it would take 50 barrels of crude oil to produce the same amount. The resulting product meets all specifications set by the American Petroleum Institute. That stamp of approval carries a lot of weight with Greg Weier, an automotive instructor at Madison Area Technical College. “We haven’t dealt with it that much,” Weier said, “but as long as it has that API label on it, I’m quite confident it’s a good product. “Oil doesn’t wear out; the additives wear out of it. But if they recycle it and clean it and add the additives back in, it should be as good as before, if not better.” Richard Perkins, president of Madison-based Perkins Oil, said his company distributes a brand of re-refined oil — Eco Ultra, produced by Universal Lubricants of Wichita, Kan. — to a “handful” of customers including car dealers, oil change shops and trucking and construction companies. “It’s slowly gaining traction out in the marketplace,” Perkins said. That movement got a boost when Valvoline introduced its brand of Next Gen re-refined oil. “Big Oil had not stepped into this arena very hard until Valvoline did with Next Gen,” Perkins said. “They have the marketing dollars to help educate the public.” Ron Wright, oil sales representative for Kelley Williamson Co., said the subject of distributing recycled oil has come up from time to time, but customers aren’t demanding it enough yet to justify the investment. “Is it going to happen? Sure, it’ll happen,” he said. “But I don’t think its time has quite arrived yet.” One of the obstacles to widespread acceptance is price, which is slightly more than conventional oil but considerably cheaper than premium synthetic oil. But synthetic oil gains added value with its longer life – 10,000 to 15,000 miles, compared with 4,000 to 5,000 miles for conventional and re-refined oil. Perkins expects the price of re-refined oil to come down as its production volume grows. But he suggests that price is not the main motivation for someone using green products. “Unfortunately, being green is not necessarily always cheap,” said Perkins. “It’s a conscious decision a person has to make: What kind of footprint do they want to leave on the environment?” Gleisner expects that eventually re-refined oil could become the majority of his business. But after about two months in his shop, re-refined oil accounts for maybe 2 percent of his sales, he said. “Customers have been a little bit skeptical simply because they’ve never heard of it,” Gleisner said. “But it’s just trying to get customers comfortable with it and getting them to understand it’s not going to hurt the performance of their vehicle. It may even help it because it is a semi-synthetic oil. “The customers that do use it have no problems with it at all. They like it and it makes them feel good because they’re helping the environment. People aren’t used to that, especially when it comes to car products

Summit Lubricants has announced that it is the first grease producer in the world to receive ISO 22000 certification for its food safety management program. ISO 22000 is a general standard that covers food safety “from farm to fork” and is applicable across all facets of food production, from animal feed to packaging finished food for consumers. It focuses on preventing food safety hazards rather than reacting to them. It is important that our customers know that safety is first and foremost throughout each element of our food safety management program,” said Joel Garrett, president of Summit Lubricants. “Because the specialty lubricants we manufacture for equipment may come in contact with food, achieving ISO 22000 certification confirms that we take every step we can to minimize any risk associated with using our products. ISO 22000 is more highly recognized across the international food industry than ISO 21469, which Summit achieved in 2011. ISO 22000 guides the development of a food safety management system and includes products. The system is risk-based and is designed with great detail to ensure that all inputs and outputs of the system are evaluated in terms of their risk relative to food safety. The certification requires: a recall/withdrawal procedure; an internal audit system; a document control system; a traceability system; a calibration program; regularly scheduled management review; and regularly scheduled food safety drills. Summit Lubricants, a subsidiary of Quaker Chemical, is a manufacturer and distributor of specialty lubricants.

FOB Price Trend U.S - TOBS/SN 70

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FOB Price Trend United States - BS -150

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FOB Price Trend United States - SN 500

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FOB Price Trend United States - SN 150

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Base Oil domestic prices in European region have started inching up in tandem with the global markets. Prices have braced upwards marginally, though inventories is not a major concern. Demand for grades like heavy neutrals SN - 500 and Bright Stock is received by the refiners and exporters from the end users but at an affordable rate. Prices in the Domestic market at the current level is oscillating in the range of for Group I SN -150 (USD 1020 - 1030), SN –500(1030 - 1040), Bright Stock (USD 1090 - 1095). Demand for Group II and II plus remains status quo but prices are slowly hardening up. Lighter grades like N -70/150 are being offered in the price range of USD 1045 – 1055, while higher viscosity grades like N -500/600 are quoted around USD 1090 – 1115 PMT in the domestic market. FOB Europe Exports prices are oscillating for Group I SN -150 (USD 980 - 985), SN -500 (990 - 1010), Bright Stock (USD 1050 - 1060) PMT respectively. Some small parcels of Group I Heavy neutrals are ready for exports to Middle East & Asian region. Approximately, 2050 MT of Bright Stock parcels are also offered to Egyptian buyers and also in the Asian region.

The Novokuibyshevsk Oils and Additives Plant, a Rosneft subsidiary, has begun producing marine lubricants under the Castrol brand, and the first batch of Cyltech lubricant has already been shipped by rail to Russian customers. The Novokuibyshevsk Plant is producing the new type of marine lubricants under a cooperation agreement signed in January of 2013 with Baltic Petroleum (a subsidiary of BP). For the first time the plant is producing customized lubricants for a leading global energy company. The two year programme of collaboration with Baltic Petroleum envisages production of 2.6 million liters of marine lubricants per year. The plant will produce 8 grades of marine lubricants for the Russian market, including cylinder oil, medium alkaline marine lubricants, motor oil with dispersive and cleaning properties, and others. Cyltech 70, which is already being produced at the plant, provides protection against wear in marine engines using fuel with a sulfur content of over 1.0% and even up to 3.5%, which is typical of international merchant shipping. The marine lubricants are being produced at a new, fully automatic compounding unit. They are made from high-viscosity base oils produced by the plant itself. The Novokuibyshevsk Oils and Additives Plant is continuously innovating, and quite recently began using a new type of packaging for its Rosneft products – IB (Intermediate Bulk) containers with a capacity of 1,000 liters. In the early 1970s the Novokuibyshevsk Plant pioneered the development of the USSR’s M-14 G2CS series of marine and locomotive diesel oils and for many years held a monopoly on their production. The oils were subsequently awarded a State Quality Mark.

FOB Price Trend Europe - Bright Stock

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FOB Price Trend Europe - SN 500

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During the period month of January to February 2013, Germany imported 143696 MT of Lubricants. The country imported 71491 MT of Lubricants in January 2013 and 72205 MT in February 2013. Compared to last month i.e. January 2013, import of the country has increased by 1% in the month of February 2013. Germany import has hike up by 10% in February 2013, as compared to same period last year i.e. February 2012. During the period January to February 2012, Germany imported 148508 MT of Lubricants. Germany Lubricants import has gone down by 3% during January to February 2013, as compared to the same period last year i.e. January to February 2012. During the period month of January to February 2013, Germany exported 188840 MT of Lubricants. The country exported 93128 MT of Lubricants in January 2013 and 95712 MT in February 2013. During the period January to February 2012, Germany exported 181079 MT of Lubricants. Germany Lubricants export has gone up by 4% during January to February 2013, as compared to the same period last year i.e. January to February 2012. Compared to last month i.e. January 2013, export of the country has hike up by 3% in the month of February 2013. Germany export has increased by 6% in February 2013, as compared to same period last year i.e. February 2012. During the period month of January 2012 to February 2013, Germany consumed 183243 MT of Lubricants. The country consumed 98729 MT in January 2013 and 84514 MT in February 2013. Compared to last month i.e. January 2013, consumption of the country has increased by 14% in the month of February 2013. Germany consumption has firmed up by 2% in February 2013, as compared to same period last year i.e. February 2012. During the period January to February 2012, Germany consumed 165097 MT of Lubricants. Germany Lubricants consumed has gone up by 11% during January to February 2013, as compared to the same period last year i.e. January to February 2012.

65889

86069

6810675431

82025

60320

74810

65846 71491 72205

7311973923

52636

0

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40000

60000

80000

100000

Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13

Germany Lubricants Import Data in MT baseoilreport.com

83746

103880

92926 9443984931 87041

98835 98960 98729

84514

91743 92847

69308

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Germany Lubricants Consumption Data in MT baseoilreport.com

83993 85546 8830495471

10250294068

65524

93128 9571290545 89439 89811 91289

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60000

80000

100000

120000


Germany Lubricants Export Data in MT baseoilreport.com

China’s demand for base oil remains steady and domestic refiners’ prices at the current level are competitive. Domestic Lubricants blenders are sourcing their requirements from the refiners rather than importing Reportedly, China CFR prices remains stable for SN 150- N 150 (USD 1060 - 1070) SN -500 - N 500 (USD 1065 - 1070),Bright Stock (USD 1085 - 1095) PMT respectively. Prices may show resistance at the current level. Some small cargoes of 2200 MT of Group I SN -150/500 of Russian origin are being shipped shortly as prices being competitive to China. During the period January to March 2013, China imported 557252 MT of Base Oil. The country imported 219139 MT of Base Oil in January 2013, 146482 MT in February and 218831 MT in March. During the period January to March 2012, China imported 546831 MT of Base Oil. Import of the country has firmed up by 2% during Jan to March 2013, as compared to same period last year i.e. Jan to March 2012. Compared to last month i.e. February 2013, import of the country has increased by 49% in the month of March 2013. China import has gone up by 3% in March 2013, as compared to same period last year i.e. March 2012. China imported 218831 MT of Base Oil in the month of March 2013. China imported most of its Base Oil from different countries like 80749 MT (37%) from Singapore, 43089 MT (20%) from Taiwan, 36765 MT (17%) from Korea, 20075 MT (9%) from Japan, 8950 MT (4%) from Thailand, 8130 MT (4%) from Russia, 6850 MT (3%) from Indonesia, 6151 MT (3%) from Qatar, 2009 (1%) from Malaysia, 2000 MT (1%) from Finland, 1602 MT (1%) from Other Countries, 1363 MT (1%) from USA and 1099 MT (1%) from Sweden. China imported 218831 MT of Base Oil in the month of March 2013. China imported most of its Base Oil to different ports like 67885 MT (31%) to Nanjing, 57815 MT (26%) to Tianjin, 14267 MT (7%) to Gongbei, 10629 MT (5%) to Shanghai,10402 MT (5%) to Guangzhou, 10092 MT (5%) to HangZhou, 8753 MT (4%) to Huangpu, 8130 MT (4%) to Hohhot, 7991 MT (4%) to Dalian, 6756 MT (3%) to Shenzhen, 5758 Mt (3%) to Xiamen, 3279 MT (1%) to Taiyuan, 3015 MT (1%) to Qingdao, 1504 Mt (1%) to Zhanjiang, 1398 MT (1%) to Ningbo and 1158 MT (1%) to Other Ports. China imported 218832 MT of base oil in March 2013. Most of the Base Oil was imported from Singapore, Taiwan, Korea and Japan with smaller quantities imported from Thailand, Russia, Indonesia, Qatar, Malaysia and Finland Some of the largest Base Oil importers during the month were ExxonMobil (Taicang) Petroleum Co.,Ltd. with 24195 MT, Shell (Zhuhai ) Lubrication Co., Ltd with 14252 MT, Tongyi (Beijing) Petroleum Chemical Co.,Ltd. with 13614 MT, ExxonMobil (Tianjin) Petroleum Co.,Ltd. with 11483 MT, Zhejiang Shell Chemical Industry & Petroleum Co.,Ltd. with 11292 MT, PetroChina International Dalian Co., Ltd. Chinaoil Dalian Co,Ltd with 10548 MT, SBC (Tianjin) Chemical Co.,Ltd with 8973 MT and Kepai Tianjin Lubricating Oil Co Ltd with 8498 MT.

China Base Oil Import March 2013 - Origin, Port & MT Origin Port QTY MT Belgium Nanjing 81 Canada Shanghai 40 Denmark Qingdao 1 Finland Nanjing 2000 France Shanghai 96 France Shanghai 58 Germany Ningbo 55 Germany Shanghai 1

Indonesia Dalian 3004 Indonesia Nanjing 525 Indonesia Nanjing 525 Indonesia Nanjing 2586 Indonesia Shenzhen 210 Japan Changsha 8 Japan Gongbei 2 Japan Huangpu 1 Japan Shenzhen 3 Japan Dalian 3 Japan Guangzhou 2240 Japan Guangzhou 300 Japan Huangpu 1 Japan Huangpu 3 Japan Nanjing 981 Japan Nanjing 987 Japan Ningbo 39 Japan Qingdao 1 Japan Shanghai 93 Japan Shanghai 3 Japan Shanghai 4 Japan Shanghai 83 Japan Shanghai 4 Japan Shanghai 6 Japan Shenzhen 501 Japan Taiyuan 3279 Japan Tianjin 57 Japan Tianjin 120 Japan Tianjin 2000 Japan Tianjin 2825 Japan Wuhan 1 Japan Nanjing 647 Japan Shanghai 416 Japan Shanghai 1656 Japan Shenzhen 353 Japan Shenzhen 267 Japan Tianjin 3129 Japan Ningbo 64 Korea Shenzhen 36 Korea Dalian 1985 Korea Dalian 3000 Korea Gongbei 974 Korea Guangzhou 1930 Korea Guangzhou 99 Korea Huangpu 74 Korea Nanjing 1039 Korea Nanjing 617 Korea Nanjing 1899 Korea Shanghai 4081 Korea Shenzhen 1251 Korea Tianjin 3969 Korea Tianjin 14 Korea Tianjin 1959 Korea Tianjin 2

Korea Tianjin 7248 Korea Gongbei 60 Korea HangZhou 3002 Korea Shenzhen 28 Korea Tianjin 3500 Malaysia Guangzhou 2009 Qatar Gongbei 2950 Qatar HangZhou 2001 Qatar Ningbo 1200 Russia Hohhot 8130 Russia Shanghai 145 Saudi Arabia Chongqing 410 Singapore Shenzhen 1 Singapore Zhanjiang 1504 Singapore Fuzhou 20 Singapore Gongbei 7401 Singapore Guangzhou 1864 Singapore HangZhou 4789 Singapore Nanjing 492 Singapore Nanjing 1972 Singapore Nanjing 31759 Singapore Qingdao 1 Singapore Shanghai 787 Singapore Shanghai 835 Singapore Shanghai 1197 Singapore Shenzhen 4028 Singapore Tianjin 10747 Singapore Tianjin 13353 Spain Shanghai 2 Spain Shanghai 1 Sweden Shanghai 895 Sweden Shanghai 161 Sweden Tianjin 43 Taiwan Gongbei 14 Taiwan Gongbei 2867 Taiwan Guangzhou 1960 Taiwan Huangpu 1906 Taiwan Huangpu 955 Taiwan Huangpu 2902 Taiwan Huangpu 2912 Taiwan Nanjing 2876 Taiwan Nanjing 956 Taiwan Nanjing 2388 Taiwan Nanjing 5675 Taiwan Nanjing 5924 Taiwan Ningbo 40 Taiwan Qingdao 3011 Taiwan Shanghai 20 Taiwan Shenzhen 79 Taiwan Tianjin 2867 Taiwan Xiamen 5738 Thailand Nanjing 2000 Thailand Nanjing 952 Thailand Tianjin 1995

Thailand Tianjin 1040 Thailand Tianjin 998 Thailand Tianjin 1945 Thailand Xiamen 20 United States Shanghai 4 United States HangZhou 300 United States Fuzhou 7 United States Nanjing 1005 United States Qingdao 1 United States Shanghai 12 United States Shanghai 29 United States Shanghai 1 United States Tianjin 2 United States Tianjin 3 Uzbekstan Urumqi 712

Total 218831

China Base Oil Import MT

151714

120400

159775 150718

191939

146482

218833

148019

211466 200844 185811

128757173453

0

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250000


Singapore , 80749, 36%

Taiwan, 43089, 19%

Korea, 36765, 17%

Japan , 20075, 9%

Thailand, 8950, 4%

Russia , 8276, 4%

Indonesia, 6850, 3%

Qatar, 6151, 3%

Malaysia , 2009, 1%

Finland , 2000, 1%

Other countries, 1456, 1%

United States , 1363, 1%

Sweden , 1099, 1%

China Base Oil Import - Country, MT & % - March 2013

baseoilreport.com

China Base Oil Import - Ports, MT & % - March 2013

Nanjing, 67885, 30%

Xiamen, 5758, 3%

Taiyuan, 3279, 1%

Ningbo, 1398, 1% Dalian, 7991,

4%

Huangpu, 8753, 4%

Hohhot, 8130, 4%

Other ports, 1158, 1%

Qingdao, 3015, 1%

Zhanjiang, 1504, 1% Shenzhen, 6756,

3%

HangZhou, 10092, 5%

Guangzhou, 10402, 5%

Shanghai, 10629, 5%

Gongbei, 14267, 7%

Tianjin, 57815, 25%

China Base Oil Import March 2013 - Importer Name, MT & %

Importer Name QTY MT % Total ExxonMobil (Taicang) Petroleum Co.,Ltd. 24195 11 Shell (Zhuhai ) Lubrication Co., Ltd 14252 7 Tongyi (Beijing) Petroleum Chemical Co.,Ltd. 13614 6 ExxonMobil (Tianjin) Petroleum Co.,Ltd. 11483 5 Zhejiang Shell Chemical Industry & Petroleum Co.,Ltd. 11292 5 PetroChina International Dalian Co., Ltd. Chinaoil Dalian Co,Ltd 10548 5 SBC (Tianjin) Chemical Co.,Ltd 8973 4 Kepai Tianjin Lubricating Oil Co Ltd 8498 4 Daodaer Huadong Lubricating Oil (zhenjiang) Co. Ltd. 7413 3 Elf Lubricants Guangzhou Co.,Ltd. 6729 3 Tongjiang Ai'peike Imp. & Exp. Co., Ltd. 6576 3 Jiangyin City Xin Ji Yang Petroleum Co., Ltd 6285 3 Castrol(shenzhen)co.,Ltd. 5927 3 Luroda Lubricant Oil (wuxi) Co., Ltd. 5750 3 BP (China) Industrial Lubricants Co. Ltd. 4465 2 Shanghai Dalian Petrochemical Co., Ltd 4249 2 SK Lubricants (Tianjin) Co.,Ltd. 3798 2 Shanxi Japan Energy & Lubricants Co., Ltd 3279 1 Qingdao Pailu Petroleum Chemical Co., Ltd. 3011 1 Wuxi Xinsu Lubricants Co., Ltd 3005 1 Not Available 2912 1 Fujian Nanan Import & Export Co. 2869 1 Sinochem International Company Limited 2868 1 Tianjin Ri-shi Lubricating Oil Co, Ltd 2824 1 Tianjin Idemitsu Lube Co.Ltd. 2555 1 Not Available 2540 1 Lutenasi Trading( China) Co.,Ltd. 2009 1 Ningbo Ningxing Industry Co.,Ltd. 2000 1 Shanghai Metals And Minerals Import & Export Corp. 2000 1 Tianjin Stolthaven Lingang Terminal Company 1995 1 Heihe Hengji Economic & Trade Co.,Ltd 1985 1 JiangSu Lopal Petrochemical Co.,Ltd 1972 1 Guangzhou Nansha Titan Petrochemical Development Company Limited 1960 1 Beijing Longrunkaida Petro Chemical Co., Ltd. 1949 1

P&J Tech.& Commerce,Inc. 1945 1 China Chem Co.,Ltd 1908 1 Manzhouli Shengshi Huaqiang Trading Co., Ltd. 1555 1 Not Available 1504 1 Not Available 1432 1 Jiangsu Overseas Group Corporation 1432 1 Caltex (tianjin) Lubricants Co.,ltd. 1211 1 Harbin Railway Foreign Economy & Technolog Cooperation Corporation P.r.c. 998 0 Not Available 987 0 Changzhou City Chang Run Petroleum Co Ltd 977 0 Heihe Renda Industry And Trade Co., Ltd. 956 0 China National Aero-technology Imp. & Exp. Guangzhou Corp. 955 0 Topsafe Petrochemical Logistics & Storage Services Co. Ltd. 955 0 Not Available 952 0 Nynas Petroleum (Shanghai) Co., Ltd 938 0 Shanghai Hezhen Chemical Trade Co., Ltd. 787 0 China Sun Oil Co., 711 0 Xinjiang Jiarunde Petrochemicals Co., Ltd. 590 0 Zhangjiagang Fubao Logistics Co.,Ltd 492 0 Not Available 410 0 Hankook Tire (china) Co.,Ltd. 161 0 Shanghai Xin Kai Run Lubricant Technoical Co.,Ltd 154 0 Xindayang (ningbo) Trade Co. Ltd. 134 0 Not Available 115 0 Total Petrochemicals (Foshan) Co., Ltd 99 0 Aisen (china) Flocculates Dose Co Ltd 81 0 Changzhou Kuohorng Petrochemical Co Ltd 76 0 Vous pouvez Ningbo Plastic Technology Co., Ltd 64 0 Alashankou Baihaihuamin Trade Co., Ltd. 61 0 Not Available 61 0 Tianjin Jinjiang Petroleum Chemical Co. Ltd. 57 0 H.b.fuller(china) Adhesives Ltd. 41 0 Fuchs Lubricants(China) Co., Ltd 40 0 Shanghai Dike Auto Controls Co., Ltd. 29 0 Fujian Fu Xing Grease Co Ltd 26 0 Xiamen KN Shishi Industry Trade Co., Ltd. 20 0 Not Available 20 0 Beishan Chemical (zhuhai) Co. Ltd. 15 0 zhongji Subaru (Tianjin) vehicle sale Co. Ltd 14 0 Wuxi Desong Technologies Co Ltd 12 0 Wuxi Moresco Trading Co.,Ltd. 11 0 Quaker Chemical (China) Co., Ltd 11 0 Not Available 8 0 Klueber Lubrication (shanghai) Co., Ltd 5 0 Ban Dong Chemical (tianjin ) Co Ltd 5 0 Shanghai Beishan Chemical Co. Ltd. 4 0 AKS Precision Ball (Hangzhou) Co.,Ltd. 3 0 Donghai Plastics (guangzhou) Co., Ltd 3 0 Daomu Technology (Shenzhen) Co., Ltd. 3 0 Harbin New Holland Tractor Co., Ltd. 3 0

Ryobi Dalian Machinery Co.,Ltd. 3 0

K. Tosho (shanghai) Limited 3 0 Tianjin City Baodi Jiali Petrifaction Machinery Co., Ltd 2 0 Lejin Wire (tianjin) Lacquer-fold Line Co Ltd 2 0

Guangzhou Zhao He Shock Absorber Co Ltd 1 0 Cameron(Shanghai)Equipment Co.,Ltd 1 0 Not Available 1 0 Beishan Chemistry (jinan) Co Ltd 1 0 Rong Guan Da Technology (Shenzhen) Co., Ltd 1 0 Shanghai Zanchen Import & Export Co., Ltd. 1 0 Metal Flow Changzhou Chemical Industrial 1 0 Maersk Container Industry Qingdao Ltd. 1 0 Shiraishi Calcium(Shanghai)International Trading Co.,Ltd. 1 0 Minka (Qingdao) Inc. 1 0 Shenzhen Maoye Trade Co.,Ltd 1 0 Hangzhou Tingcang Rubber Co., Ltd 1 0

218831 100

China Base Oil Import from the Top Importers In MT - March 2013

0 5000 10000 15000 20000 25000

ExxonMobil (Taicang) Petroleum Co.,Ltd.

Shell (Zhuhai ) Lubrication Co., Ltd

Tongyi (Beijing) Petroleum Chemical Co.,Ltd.

ExxonMobil (Tianjin) Petroleum Co.,Ltd.

Zhejiang Shell Chemical Industry & Petroleum Co.,Ltd.

PetroChina International Dalian Co., Ltd. Chinaoil Dalian Co,Ltd

SBC (Tianjin) Chemical Co.,Ltd

Kepai Tianjin Lubricating Oil Co Ltd

Russian base oil availability is in abundant. But it seems that trend is reversing and prices may firm up from this level. Prices offered in Western Europe have started improving in tandem with the global markets. At the current level prices in the region are quoted for SN -150 (USD 995 - 1000), SN -500 (USD 1000 - 1005) PMT. While, FOB Russia base oil export prices for SN-150 (USD 955 - 965), SN – 500 (965 - 975) PMT respectively. The production of automobile gasoline totaled 1,085,000 tonnes in Belarus in January-March 2013, 15.1% up from January-March 2012.The production of diesel fuel, including biodiesel, dropped by 32.7% to 1,951,900 tonnes. The production of liquid lubricants tumbled by 19.9% to 18,700 tonnes. Meanwhile, the turnout of oil fuel rose by 2.5% from January-March 2012 to 1,864,500 tonnes. As of 1 April 2013 the reserve of main kinds of oil products varied from 2.1% of the average monthly output of oil fuel (7,600 tonnes) to 64.2% of the average monthly output of lubricating oils (4,000 tonnes). Base oil prices in West Africa, Nigeria are oscillating in a narrow band at the current level. On the pricing part at the domestic level prices has moved up marginally and CFR prices at the current level are quoted for grades SN -150 (1080 - 1090), SN -500 (USD 1100 – 1110), Bright Stock (USD 1120 – 1140) per MT. Some medium sized cargoes are expected shortly of SN -150/500 of approximately 2000 MT from Baltic region. Some small Bright Stock cargoes are expected at Nigeria in the price range of USD 1120 – 1135 PMT. Base Oil Prices in Singapore’s domestic market is also following a global trend and treads cautiously as buyers are expecting that the prices may stabilize soon. In the domestic market prices for Group I at the current level are hovering in the region of SN -150 (USD 1020 - 1025), SN -500 (USD 1040 - 1045), Bright Stock (USD 1090 - 1095) PMT. Prices for low VI grades are offered at marginally lower prices by USD 10 – 15 per MT. Group II Base oil prices for J-150 (USD 1050 - 1060), J-500 (1085 - 1090) PMT respectively. FOB Singapore Export prices for Group I SN -150 (USD 995 - 1005), SN -500 (USD 1005 - 1010), Bright Stock (USD 1075 - 1090) PMT respectively. Group II Export prices for J -150 (USD 1020 - 1025), J-500 (USD 1040 - 1050) PMT respectively. Approximately another 24500 MT scheduled to be shipped by May 15, 2013. During the period Jan to February 2013, Singapore exported 369859 MT of Base Oil. The country exported 111528 MT (30%) to China, 43345 MT (12%) to Indonesia, 33903 Mt (9%) to Netherlands, 29003 MT (8%) to Australia, 28557 MT (8%) to Malaysia, 20932 MT (6%) to Thailand, 19967 MT (5%) to USA, 18896 MT (5%) to Vietnam, 18872 MT (5%) to India, 16447 MT (4%) to Canada, 8684 MT (2%) to Philippines, 8578 MT (2%) to Other countries, 4467 MT (1%) to Japan, 3591 MT (1%) to Korea and 3089 MT (1%) to France.

FOB Price Trend Singapore - Bright Stock

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FOB Price Trend Singapore - SN 150

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Korea Base Oil Export to Singapore in MT

7312

9786821672678307

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China Base Oil Import from Singapore in MT

68598

42930

70591

84143

68253

109524 9495795961

3458844988

5393644684

52832

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SWEDEN, 301, 1%

UAE, 380, 1%

OTHER COUNTRIES,

538, 1%

MALAYSIA, 797, 2%

INDONESIA, 1500, 3%

THAILAND, 2871, 5%

JAPAN, 11047, 21%

QATAR, 15133, 29%

KOREA, 19752, 37%

baseoilreport.com

Singapore Base Oil Import - Country, MT & % Jan - February 2013

FRANCE , 3089, 1%

KOREA, 3591, 1%

JAPAN , 4467, 1%

OTHER COUNTRIES, 8578,

2%

PHILIPPINES, 8684, 2%

CANADA , 16447, 4%

INDIA , 18872, 5%

VIET NAM , 18896, 5%

USA, 19967, 5%

THAILAND , 20932, 6%

MALAYSIA, 28557, 8%

AUSTRALIA, 29003, 8%

NETHERLANDS , 33903, 9%

INDONESIA , 43345, 12%

CHINA , 111528, 31%

baseoilreport.com

Singapore Base Oil Export - Country, MT & % Jan - February 2013

So far in this year i.e. during the period January to March 2013, Thailand imported 57273 MT of Base Oil. The country imported 11891 MT of Base Oil in January 2013, 21336 MT in February and 24046 MT in March 2013. During the period i.e. January to March 2012, Thailand imported 60254 MT of Base Oil. Import of the country has decreased by 5% MT during Jan to March 2013, as compared to the same period last year i.e. Jan to February 2012. Compared to last month i.e. February 2013, import of the country has increased by 13% in the month of March 2013. Thailand import has gone down by 5% in March 2013 as compared to same period last year i.e. March 2012. During the month of March 2013, Thailand imported 24046 MT of Base oil. The country imported 14364 MT (60%) from Korea, 9666 MT (40%) from Singapore and 16 MT from UK.

So far in this year i.e. during the period January to March 2013, Thailand exported 51696 MT of Base Oil. The country exported 13300 MT of Base Oil in January 2013, 16091 MT in February and 22305 MT in March 2013. Compared to last month i.e. February 2013, export of the country has increased by 39% in the month of March 2013. Thailand export has jumped up by 33% in March 2013 as compared to same period last year i.e. March 2012. During the month of March 2013, Thailand exported 22305 MT of Base oil. The country exported 19910 MT (89%) to Singapore, 1712 MT (8%) to Vietnam, 371 MT (2%) to Indonesia, 179 MT (1%) to Taiwan and 134 MT (1%) to Other Countries.

25217

17016

11983 12784

16550

11642

23821

11891

2404620590

16101

32691

21336

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Thailand Base Oil Import in MT

UK, 16, 0%

SINGAPORE, 9666, 40%

KOREA, 14364, 60%

Thailand Base Oil Import in MT March 2013

baseoilreport.com

10673 111389391

16091

22305

16726

6978

18245

27533

2141818228

22418

13300

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Thailand Base Oil Export in MT

OTHER COUNTRIES,

134, 1%

TAIWAN, 179, 1%

INDONESIA, 371, 2%

VIETNAM, 1712, 8%

SINGAPORE, 19910, 88%

Thailand Base Oil Export in MT March 2013

baseoilreport.com

Korean Base stock Prices at present is priced competitively with the global base oil prices. Exports of base oil are catered to by GS - Caltex, S-OIL and SK Energy and are regularly shipped to China, India and Middle East. Due to huge inventories, prices have retraced substantially. But it seems that trend is shifting and prices are trying to stabilize at the current level. At the current level prices have been marked upwards marginally. FOB export prices are fluctuating in the range of for N -60/70 (USD 975 - 990), N -150 (USD 1015 - 1020), N- 500 (USD 1060 – 1070) PMT. A huge quantity of lighter grades will be shipped to India for the manufacture of transformer oils, Liquid Paraffin, Petrolatum, etc. While high viscosity grades, have been shipped to the Middle East and China. Approximately 37000 MT. of base oils are ready to be shipped by May 15, 2013.

South Korea's GS Caltex is considering cutting refinery use rates in May, thanks to poor margins, joining some regional peers, two company sources said on Wednesday. The country's second largest refiner could operate at 93 to 94 percent of its capacity of 775,000 barrels per day (bpd) in May, down from 95 percent this month, one of the sources said, adding that May run rates will be finalized later this month. "Margins are really in poor shape, and we are thinking of lowering the run rates," said one of the sources, who declined to be identified as he was not authorized to speak to the media. "We, however, have to maintain the run rates at at least 90 percent, due to term commitments and for supply to run upgrading systems such as RFCC," he said, referring to the gasoline-making Residue Fluidized Catalytic Cracker (RFCC). A year-on-year comparison was not available, but GS Caltex usually keeps its utilization rates at 90 to 95 percent, he added. The refining complex is located in the city of Yeosu, about 500 kilometers south of the capital Seoul. Complex refining margins were at about $5 a barrel on Tuesday, down $4 from a month ago, according to Thomson Reuters data. At the moment, the three other South Korean refiners -- SK Energy, S-Oil and Hyundai Oil bank -- have no plan to reduce run rates further, as some units have already been shut for planned maintenance. "South Korean refiners had a good year last year, helping them keep relatively high run rates, while delaying their maintenance to this year," Brandon Lee, senior analyst for oil, gas and petrochemicals at Macquarie Securities, told Reuters. "By having heavy maintenance this year, we don't see them plan run rate cuts. But falls in crude oil are driving the mood of destocking." In Japan, top oil refiner JX Nippon Oil & Energy Corp is also likely to refine at least 6 percent less crude for domestic consumption in May than a year earlier, an industry source said, reflecting tepid domestic demand for oil products.

SK Lubricants had revenue of KRW 628.4 billion and an operating profit of KRW 7.6 billion in the first quarter. SK Lubricants' operating profit remained low due to the weak global economy leading to poor demand for Group III base oil. Inspite of the current sluggish base oil and lubricant demand, SK Lubricants forecasts that the base oil prices will gradually improve as the peak season for lubricant products approaches.

FOB Price Trend Korea - TOBS

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Iranian base oil prices at present showing a realistic value rather than speculative as due to payment problems to facilitate a trade in USD, buyers are not keen to go ahead with the deal. Prices for exports of Neutrals SN -150/500 were drastically reduced by the refiners. But now the price seems to be moving upward. FOB Iran exports prices have inched up marginally and at present it is quoted for SN -150 (USD 960 - 965), SN -500/650 (USD 965 - 975) Rubber Process Oil (USD 660 - 665) PMT respectively. Iranian origin cargoes are now routed through UAE for facilitation of the trade and to receive payment in local currency. Medium sized parcel of approximately 7000 – 7500 MT is scheduled to be loaded this month for Asian region.

Fuel made from Iranian oil is legally powering thousands of flights a year out of Dubai’s booming airport, despite US pressure on buyers to shun Tehran’s petroleum exports. It may even fuel US allied military jets in the Middle East. Washington and the European Union have slashed Iran’s exports in half over the last year by leaning on importing countries to find alternative feedstock for their refineries. Meanwhile, Dubai, long a major user of Iranian light oil known as condensate, continues to process tens of thousands of barrels a day at an Emirates National Oil Company (ENOC) refinery, according to oil industry sources and shipping data. ENOC then pumps the resulting fuel to Dubai airport, the world’s second busiest. ENOC’s chief executive declined to comment this week on how much Iranian oil the company was still importing and ENOC media relations did not respond to repeated requests for comment. US and European companies are not allowed to buy any Iranian refined oil products, under tough sanctions imposed by Washington to force Tehran to stop its nuclear activities. But any airline is free to use fuel made from Iranian oil in other countries, because once it passes through a refinery outside Iran it is no longer considered of Iranian origin under sanctions. “In our view jet fuel from an Emirati refinery is Emirati jet fuel, it is not Iranian no matter what it was made from,” a US government official in Washington said. ENOC says it is the largest provider of jet fuel at Dubai International Airport and that its portfolio boasts a growing number of military customers. One such customer is the US Defense Logistics Agency (DLA) which supplies planes at the Al Minhad airbase near Dubai. “DLA Energy does contract with ENOC International Sales to supply jet fuel to Al Minhad Air Base,” a spokesman for the US Department of Defense said. “The contract was let in August 2011. This contract expires in August 2013.” It is not clear whether or not some of the fuel ENOC supplies under contract to the DLA come from ENOC’s Jebel Ali refinery near Dubai. A western government source said ENOC also buys some fuel produced in refineries in Bahrain and Kuwait. ENOC did not comment on whether some or all the fuel it supplies to the DLA is produced at Jebel Ali. But ENOC’s website says most of the jet fuel it supplies to the airport is pumped through a 60,000 bpd pipeline from the refinery, and demand at the world’s fastest growing airport is rising so much that it is laying a second pipeline. Iran exported about $7.5bn worth of condensate from its main export facility at South Pars in the year ended March 20, 2013, according to Iranian media reports. ENOC was the biggest buyer of Iranian condensate in 2012, when its imports rose to an average of 127,000 bpd, according to analysts’ estimates. An executive order issued on July 31, 2012, gives US President Barack Obama the option to impose sanctions on buyers of Iranian condensate, but only if the US believes there is sufficient alternative supply to permit a significant reduction in volumes from Iran. ENOC announced in February it had secured about 20,000 bpd of condensate from Qatar to feed its 120,000 bpd refinery and said it was working to find more alternatives. The company has not announced further substitution deals, suggesting it has not yet found long-term alternative supplies. Ship tracking data on Reuters shows a vessel able to carry around 1mn barrels of oil shuttles between the refinery and South Pars once a week. A full tanker would carry enough to run the refinery at capacity for about a week. With shrinking export options, traders say Iran is likely to be selling its condensate fairly cheaply, helping ENOC offset multimillion dollar loses it has to take because it is obliged under UAE law to sell gasoline at a subsidized rate. Dubai has been a key trading partner for Iran for decades. But the UAE is also the largest export market for the US in the Middle East, with Dubai flagship airline Emirates alone having placed a $24bn order with Boeing in 2011, according to the website of the UAE Embassy in Washington. Unless ENOC can find another 100,000 bpd of alternative supplies at competitive prices, the opening of a second pipeline due later this year could take more fuel made from Iranian oil into the tanks of international airlines. The existing pipeline can carry around 9.5mn litres of jet fuel a day - enough to fill up 44 Boeing 747s a day or 16,000 a year, although most routes do not use a full tank. ENOC is not the only jet fuel supplier, because its refinery and existing pipeline are not big enough to meet demand at Dubai’s booming airport, where an average of around 470 flights a day took off in 2012. Several western oil companies also supply jet fuel to the airport - Royal Dutch Shell, BP and Chevron, but they say they source it outside the UAE and in full compliance with sanctions on Iran. Some US and European airlines said they do not use ENOC when they call at Dubai, with some having global purchase deals with other suppliers. But for many of the 130 airlines flying into Dubai, the fuel derived from Iranian oil that ENOC offers is indispensable.

Chevron Texaco Global Energy Inc – having 12 percent shareholding in Pakistan Refinery Limited (PRL) – has yet to officially intimate PRL about its decision to sell its stakes in the company. “Attock Petroleum Limited has decided to participate in the bidding for acquisition of Chevron’s Marketing Affiliates in Pakistan, which includes 100 percent shareholding of Chevron Pakistan Limited (excluding Lubricants Business) and 12 percent shareholding in Pakistan Refinery Limited,” it said.

FOB Price Trend Iran - SN 150

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FOB Price Trend Iran - SN 500

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The Indian base oil market remains steady with inventories at optimum levels with surplus of imported grades. During the month of March 2013, approximately 161937 MT of base oils of all the grades have been procured at Indian Ports. Major imports are from Korea, Singapore, USA, UAE, Iran, Taiwan, France, UK, Netherlands, Japan, Italy, Belgium, etc. Indian State Oil PSU IOC have marked up their base oil prices for Group I & II approximately by Rs 1.70/1.70/1.80/1.70 per liter on their basic price for their grades SN 70 – H-70/SN 150 –H-150/SN 500 –H-500/Bright Stock effective May 1 2013. BPCL prices are also inched up by Rs 1.70/1.70/1.80 for the grades N-65/150/500 respectively. HPCL also marked their numbers for SN – 70/150/500/ BS-150 by Rs 1.70/1.70/1.80/1.70 per liter on their basic prices. Hefty Discounts are offered by refiners which are in the range of Rs. 12.00 - 15 per liter for buyers who commit to lift above 1500 MT. Group I Base Oil prices for neutrals SN -150/500 (Russian and Iranian origin) are offered in the domestic market at Rs. 52-95 – 53.90/53.90 – 54.10 per liter, excise duty and VAT as applicable Ex Silvassa in bulk for one tanker load. At current level availability is not a concern.

J 500 CFR Price in USD MT-JNPT,India.

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TOBS 60 CFR Price in USD MT-JNPT India.

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The Indian domestic market, Korean origin Group II plus N-60–70/150/500 prices marked up marginally. As per conversation with domestic importers and traders prices have inched up for all the above grades and at the current level are quoted in the range of Rs. 52.90 – 53.05/53.90 – 53.95/55.75- 55.90 per liter in bulk respectively with an additional 14 percent excise duty and VAT as applicable, no Sales tax/Vat if products are offered Ex-Silvassa a tax free zone. The above mentioned prices are offered by a manufacturer who also offers the grades in the domestic market, while another importer trader is offering the grades cheaper by Rs. 0.25 – 0.35 per liter on basic prices. Light Liquid Paraffin (IP) is priced at Rs. 53.50 - 53.95 per liter in bulk and Heavy Liquid paraffin (IP) is Rs. 61.95 – 62.95 per liter in bulk respectively plus taxes extra.

SN 70 CFR Price in USD MT-JNPT India.

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Bright Stock - 150 CFR Price in USD MT-JNPT,India.

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Indian state Oil PSU Chennai Petroleum Corporation Ltd has stopped the supply of aromatic extract (RPO) till further notice as some of the plants are undergoing for modifications. In the domestic market prices for imported grades are moving in a range of Rs. 9295 - 9390 packed in barrels of 205 Kg, plus VAT as applicable. Imports have also been dwindled. During the period Jan of March 2013, India imported 494027 MT of Base Oil. The country imported 260939 MT (53%) from Korea, 56418 MT (11%) from USA, 48685 MT (10%) from UAE, 43440 MT (9%) from Singapore, 24703 MT (5%) from Taiwan, 16529 MT (3%) from Netherlands, 11476 MT (2%) from Bahrain, 7934 MT (2%) from Pakistan, 3741 MT (1%) from Russia, 3519 MT (1%) from Iran and 16643 MT (3%) from Other Countries. India imported the huge quantum in small shipments on different ports like 384268 MT (78%) into Mumbai, 67325 MT (14%) into JNPT, 21861 MT (4%) into Chennai, 6172 MT (1%) into Ennore, 5337 MT (1%) into Kandla, 4162 MT (1%) into Kolkata, 3200 MT (1%) into Tughlakabad and 1703 MT into Other Ports.

During the period Jan of March 2013, India imported roughly 494027 MT of Base Oil which comprises 222949 MT (45%) of Base Oil N-60/70/TOBS/SN-70/SN-90/HVI, 111397 MT (23%) of J-150/N-100/N-150/N-250, 56675 MT (11%) of SN-500/AP CORE 600/SN-400, 44972 MT (9%) of J-500/N-500/N-600, 24362 MT (5%) of SN-100/130/150/APCORE 150/SN-180, 12036 MT (2%) of Rubber Process Oil, 9980 MT (2%) of Bright Stock- 150, 9361 MT (2%) of Naphthenic Transformer Base Oil and 2295 MT of Hygold 100/500/2000/4000.

U S A, 56418, 11%

U A E, 48685, 10%

KOREA, 260939, 53%

OTHER COUNTRIES, 16643, 3%

ITALY, 17058, 1%

FRANCE, 19432, 1%

UKRAINE, 24257, 1%

IRAN, 25273, 1%

NETHERLANDS, 16529, 3%

RUSSIA, 32741, 1%

BAHRAIN, 47745, 2%

Origin wise Import of Base Oil into India - Country, QTY MT & % Jan 2013 - March 2013

baseoilreport.com

MUMBAI, 384268, 78%

JNPT, 365355, 14%

CHENNAI , 91172, 4%

ENNORE , 6172, 1%

KOLKATA , 25950, 1%

KANDLA, 20465, 1%

TUGHLAKABAD , 3200, 1%

MUNDRA, 13105, 1%

Ports wise Import of Base Oil into India - Country, QTY MT & % Jan 2013 - March 2013

baseoilreport.com

Grade Wise Base Oi l Import to India Country,QTY MT & % Jan 2013 - March 2013

Hygold 100/500/2000/4000 Tuffalow, 2295, 0%

Napthenic Transformer Base Oil ,

9361, 2%

Bright Stock -150, 9980, 2%

Rubber Process Oil , 12036, 2%

SN-100/130/150/APCO

RE150/SN-180, 24362, 5%

J-500/N-500/N-600, 44972, 9%

SN-500/AP CORE 600/SN-400, 56675,

11%J-150/N - 100/N-

150/N-250, 111397, 23%

Base Oil N-60/70/TOBS/SN-70/SN-90/HVI , 222949, 46%

baseoilreport.com

Petrosil Base Oil Directory PDF Edition

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Advantages of the Petrosil Base Oil Directory

- Comprehensive base oil directory with roughly 6000 companies - Easy to navigate, browse and locate information - Reader and printer friendly format delivered electronically in PDF - Locate new business partners, increase industry contacts - Base Oil buyers and sellers network with one another - Cost-effective tool to promote Base Oil businesses and solutions - Easy to store on hard copy for quick reference

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Disclaimer it is our intention to ensure that the information on this report is accurate and complete; however, we are not liable for any errors, inaccuracies, or omissions. The majority of information is liable to change without any intimation or notice. Petrosil will not be responsible for any decisions made based on the information provided on this web site.

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