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Demand for high-quality base oils grows rapidly in Asian markets
With the increase in the supply of high-quality base oils in Asia and the Middle East and the stimulating implementation of increasingly stringent fuel economy and emission standards in the region, demand for Type II and Type III base oils in Asia will grow strongly in the next few years. Oil blenders in Asia will use Type II and III base oils more, while reducing the use of Group I base oils. According to market sources, new supply of Group III base oil in Asia and the Middle East will be even stronger. It is reported that Asia and the Middle East will add more than 2.5 million tons/year of Group III base oil production capacity by 2014. Qatar Petroleum and Shell’s Pearl Gas Liquide Plant in Qatar, as well as the Nespress Oil, Bahrain Petroleum and Nogaholding Group III base oil plants in Bahrain have been commissioned in the second half of 2011. In addition, some of China's Class I base oil plants are also planned to be upgraded to Class II base oil plants by 2016.