Shell has announced it will extend operations of the Group I base oil unit at its 500,000 b/d Pulau Bukom refinery in Singapore, in order to ensure sufficient supply.
The company previously planned to close the 380,000 t/yr Group I base oil unit at the refinery by July to reduce its carbon emissions, but has since reversed that decision.
“This decision is driven by Shell’s intent to safeguard the supply security for its customers in a market environment with increased supply disruption risks,” a Shell spokesperson said.
Group I supplies have been unusually tight this year following the EU sanctions placed on Russian banks because of the Russia-Ukraine conflict, which has limited Russian base oil exports.
Supply tightness was also exacerbated by several run-cuts, as well as unplanned and scheduled Group I plant shutdowns globally. Global Group I prices have surged this year as demand continues to outpace supply.
By Adelynn Ng
Photo credit and source: Argus Media
Published: 15 July, 2022
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