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Petrosil Base Oil Report – January 16, 2013

The Second Middle East Base Oil and Lubricants Conference

Jointly Organised by

Petrosil Base Oil Directory with more than 9000 companies is now available in PDF Edition. For order inquiries, write to [email protected]. To advertise with Base Oil Report, please visit www.baseoilreport.com/advertise-us. Join Petrosil on Facebook (www.facebook.com/petrosil) and Twitter (www.twitter.com/petrosil).

BLM 2013 Homepage - http://www.cconnection.org/conference/BLM2013/2013/BaseOilLubesMiddleEast2013Home.html

Registration Page http://www.cconnection.org/RegisterEvent.php?id=106

Register by February 17, 2013 and Save US$ 200!

The 2nd Annual Base Oil and Lubes Middle East Conference (BLM 2013) will be jointly organized by Conference Connection and Petrosil in Abu Dhabi on April 24 - 25, 2013. The event will continue to build on last year’s success and strong performance - the agenda will provide a good spread of topics, high caliberspeakers, quality presentations, premium networking opportunities and will act as a platform for the exchangeof ideas, information and discussion for the base oil and lubricant industry. The agenda is updated to cover thelatest industry trends and current dominant themes including:

KEY ISSUES TO BE COVERED

Crude Oil Price Overview and Its Impact on Base Oil Prices

Current Global Supply and Demand Positions for Base Oils and Lubes

Base Oil Trade Analysis and Price Trends for Asia and the Middle East:

Middle East: Role and Importance as a High Quality Base Oil Supply Hub

Update on Group III Production in the Middle East and Opportunities & Challenges in Meeting Rising Demand for High Quality Base Oils

Future of Group I and II Base Oil Plants in Asia and the Middle East

Supply of Global Paraffinic & Naphthenic Base Oils and its impact on Prices

Naphthenic Base Oil Demand & Outlook in the Middle East

Iran Base Oil Market and Outlook for Group I Base Oils

Advances in Automotive and Industrial Lubricants and Changing Requirements for Lube Specifications

The Lubricant Additives Market in Asia and the Middle East

Overview of Middle East & Asian Wax Markets

Overview of Regional Shipping, Logistics Operations and Storage Capacities

Outlook for Transformer Oil, White Oil and Liquid Paraffin Producers in the Region

Transaction Challenges Faced by Exporters, Importers and Traders of Base Oils in the Middle East

Availability of Alternatives (GTL, PAO & Synthetic Base Oil) and Impact on Base Oil Demand and Finished Lubes

New Technology, Opportunities and Challenges for Recycled Oils

TESTIMONIALS

“Since this is the 1st event I wish you can grow it and make it better as you go.” – Bahrain Petroleum Company “A wonderful start for a new conference. Looking forward to future ones.” – National Oil & Gas Authority “Conference content and topics were very interesting.” – The Oceanic Petroleum Source Pte Ltd "This conference covered major topics related to different kinds of base oils and their “Global SWOT analysis” "– Safra Co Ltd “It gave information on latest development and opportunities in the industry.” – Geo Chem Middle East “The conference covered very important issues and challenges in the lube oil business.” - ADNOC

For enquiries, please contact: Base Oil & Lubes Middle East

Secretariat 2013 135 Middle Road #05-01 Bylands

Building Singapore 188975 Tel : +65 6338 0064 Fax: +65 6338

4090 Email: [email protected] ,

[email protected]/

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 885 - 895 890 - 900 905 - 915 915 - 930 985 - 1005 Europe 875 - 885 885 - 890 990 - 995 Russia 850 - 860 860 - 870 Iran 820 - 830 830 - 840 Saudi Arabia 895 - 905 910 - 920 1000 - 1005 Korea (N -60/70) 910 - 915 Singapore 910 - 920 925 - 930 1015 - 1025 975 - 995 995 - 1000

Japan 915 - 930 965 - 970

800

900

1000

1100

1200

1300

1400

1500

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

Singapore - BrightStockEurope - BrightStockUnited States - BS-150Singapore - SN 500

Singapore - SN 150

Europe - SN 500

Iran - SN 500

Europe - SN 150

Iran - SN 150

United States - SN500United States - SN150United States -TOBS/SN 70Korea - TOBS

500

600

700

800

900

1000

1100

1200

1300

1400

1500

Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-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 990 - 1000 995 - 1005 1005 - 1010 1030 - 1040 1090 - 1095

Europe 910 - 925 925 - 930 1010 - 1020

Russia 880 - 885 890 - 900

China 995 - 1000 1000 - 1005 1020 - 1025

Singapore 950 - 960 960 - 970 1025 - 1030

India 1360 - 1465 1300 - 1620 1300 - 1460 1550 - 1605

Domestic Refiners Base Oil Prices (w.e.f 16.1.2013)

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

SN 70 (Alprol 12) - Density 0.849 to 0.851 63.35 NC 1360 0 0.851



Bright Stock - 460 Density 0.891 to 0.893 75.85 NC 1551 0 0.893

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

SN-70 67.00 NC 1438 0 0.851

SN-150 63.10 NC 1339 0 0.861

SN-500 64.60 NC 1339 0 0.881

BS-150 76.95 NC 1574 0 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 65.00 NC 1395 0 0.851

SN-150 61.10 NC 1296 0 0.861

SN-500 62.60 NC 1298 0 0.881

BS-150 75.80 NC 1550 0 0.893

H -70 ( Group II) 69.30 NC 1498 0 0.845

H-150 (Group II) 61.90 NC 1336 0 0.846

H-500 (Group II) 63.80 NC 1353 0 0.861

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

MAK Base N 65 63.00 NC 1365 0 0.843

MAKBase N -150 63.00 NC 1360 0 0.846

MAK Base N 500 63.80 NC 1353 0 0.861

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

Transformer Oil (Bulk) 51.00 1096 0 0.85

Transformer Oil (Drum) 55.75 1198 0 0.85

White Oil N 70 (Bulk) 49.10 1100 0 0.815

White Oil N 150 (Bulk) 51.20 1135 0 0.824

White Oil N 500 (Bulk) 53.50 1181 0 0.8275

Light Liquid Paraffin IP Grade 50.25 1122 0 0.818

Heavy Liquid Paraffin IP Grade 58.50 1284 0 0.832

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

12.5% VAT or 3% CST as applicable (2% CST effective April 1, 08.)

For conversion from Rs./Ltr. to USD/MT, exchange rate used is 1USD = 54.75

Customs exchange rate applicable is 1 USD = 54.99

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 December 16 2012 - January 15 2013

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

Unknown Base Oil 3000 Ivy Galaxy 16.12.2012 JNPT

Unknown Total Lubticents 3200 Kaimon Galaxy 15.12.2012 JNPT

Unknown Heavy White Oil 1023 Orential Zina 28.12.2012 Mundra

Unknown Base Oil 2500 Ginga Falkon 01.01.2013 JNPT

9723

Expected Vessels

Castrol Base Oil 1764 Line Galaxy 18.01.2013 JNPT

Exxon Mobil Base Oil 1700 Jinga Merline 22.01.2013 JNPT

Unknown Base Oil 5000 Bow Mekka 26.01.2013 JNPT

Unknown Base Oil 1793 Argent Gerbera 30.01.2013 JNPT

10257

Current Base Oil Prices

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

Base Oil N-60 ( Korean) 0.808 - 0.813 945 - 950

Base Oil N-70 (Korean) 0.815 -0. 821 945 - 950

Base Oil 500 (Russian) 0.867 - 0.872 900 - 910

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 - 0.865 860 - 865

SN-500 (Iran) 0.887 - 0.889 870 - 880

Base Oil J-150 (Singapore) 0.851 - 0.852 995 - 1005

Base Oil J-500 ( Singapore) 0.861- 0.865 1005 - 1010

Base Oil 250 N (Korean) 0.821 - 0.825 1010 - 1015

Base Oil 500 N (Korean) 0.840 - 0.845 1005 - 1015

Base Oil Pale -L -2000 (USA) 0.910 - 0.920 945 - 950

Bright Stock (USA) 0.891 - 0.893 1075 - 1080

Rubber Process Oil Bulk (Iran) 0.985 - 1.03 615 - 625

Rubber Process Oil ( Drums) (Iran) 0.985 - 1.03 620 - 625

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

185054

150901 149019

176817187791 186277

175967 177890188959 191856199633

166096196926

0

30000

60000

90000

120000

150000

180000

210000

Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12

baseoilreport.com

China Domestic Base Oil Rack Prices – January 16, 2013

Area Products Grade Refiner Yuan/mt base oil 150SN Daqin 9635

base oil 350SN Daqin 9885

base oil 150SN Dalia 9985

base oil 400SN Dalia 10085

base oil 150SN CNPC 9485

base oil 350SN CNPC 10135

base oil Second-cut Panji 6985

base oil Third-cut Panji 6755

base oil Fourth-cut Panji 6885

base oil naphthenic Liaoh 8185 NE-China base oil naphthenic Liaoh 8235

base oil 2A Nanya 9385



base oil First-cut Petro 7535 N-China base oil Second-cut Petro /

base oil 75N Shand 8285




base oil First-cut Shand 7335

base oil First-cut Dawan 6935

base oil SZ 2# CNOOC 7285



base oil First-cut Shand 7085

base oil Second-cut Shand 6485

Shandong base oil 250N Shand 8435

base oil First-cut CNOOC 7235

base oil Second-cut CNOOC 7085

base oil Third-cut CNOOC 7285

base oil Fourth-cut CNOOC 7085

white oil 5# Jinli 8385

white oil 3# Zhenh 8135

white oil 5# Zhenh 8375

base oil second grad Ningb 6855

base oil high solidi Ningb 6825

base oil third grade Ningb 6625

base oil high solidi Ningb 6355

base oil Fourth-cut Ningb 6785 E-China base oil Fourth-cut Ningb 6735

Along Changjiang River

white oil 3# Maomi 8335

white oil 5# Maomi 8485

base oil First-cut CNOOC 7935 S-China base oil Second-cut CNOOC 7355

FCC raw ma 1# CNOOC 7155

FCC raw ma 2# CNOOC 7155

SW-China FCC raw ma 3# CNOOC 6935

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 65 - 70 50 - 55 55 - 60 80 - 85 80 - 85 NA 70 - 75 NA NA NA NA 60 - 65

Europe 61 - 64 50 - 55 60 - 65 75 - 80 70 - 75 NA 55 - 60 NA NA NA NA NA

Singapore 35 - 40 55 - 60 40 - 45 45 - 50 30 - 35 30 - 35 35 - 40 40 - 45 35 - 40 35 - 40 NA NA

S. Korea 40 - 50 50 - 55 45 - 50 25 - 30 NA 30 - 35 40 - 45 25 - 30 25 - 30 NA 25 - 30 90 - 95

Iran 35 - 40 30 - 35 25 - 30 55 - 60 NA NA 25 - 30 NA NA NA NA NA

Russia 65 - 70 45 - 50 50 - 55 NA NA NA 50 - 55 NA NA NA NA NA

Saudi Arab 50 - 55 NA 35 - 40 65 - 70 NA NA 35 - 40 NA NA NA NA NA

Japan 55 - 60 60 - 65 60 - 65 25 - 30 30 - 35 35 - 40 60 - 65 NA NA NA NA NA

Taiwan 50 - 55 60 - 65 50 - 55 30 - 35 30 - 35 40 - 45 55 - 60 25 - 30 NA NA NA NA

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

Thailand 40 - 45 50 - 55 40 - 45 30 - 35 30 - 35 35 - 40 40 - 45 30 - 35 NA NA NA NA

UAE 30 - 35 NA NA 65 - 70 NA NA NA NA 40 - 45 NA NA NA

Crude oil prices rebounded in Asian trade today on stronger US demand for heating oil but an impending showdown in the US Congress over the debt ceiling could limit gains, analysts said .New York’s main contract,

light sweet crude for delivery in February was up 15 cents at $93.43 a barrel and Brent North Sea crude for February delivery climbed 22 cents to $110.52.The gains were driven by data showing better-than-expected demand for distillates, including heating oil, in the US, said Victor Shum Managing Director of energy consultancy IHS Purvin and Gertz in Singapore. Shum said a report by the American Petroleum Institute showed inventories of distillates — refined petroleum products — fell unexpectedly, indicating strong demand .“The market reacted bullishly to that,” Shum told AFP .He said however that the price increase could be limited by an impending showdown between Republican and Democrat lawmakers in the US Congress on raising the debt ceiling for the world’s biggest economy.“ We expect acrimonious talks between the Republicans and Democrats. If the debt ceiling is not raised, the US cannot borrow any more money which will have implications for the US economy and the world,” Shum added. President Barack Obama on Monday warned Republicans against using the debt ceiling as a “bargaining chip” in budget negotiations but indications are that the stand-off will continue.

Base Oil prices for Paraffinic & Naphthenic grades globally are witnessing a downward trend though it is trying to stabilize at the current level with sufficient inventories. Many USA refiners have announced their base oil numbers in downward range. Group I Base Oils like SN-150/500/600 is marked down substantially due to sufficient inventories. Lighter grades Group II Base Oil N -70/85/110 prices are also slashed with lower demand. Group III Base Oil numbers have also been marked down in the range of 15 - 20 cents per gallon. FOB Naphthenic Base Oil prices for heavy grades like Pale 750/2000 are hovering in the price range of USD 920 - 930/910 – 920 PMT respectively. Demand for lighter grades napthenic base oil N -60 is steady amidst requirement from transformer oils manufacturers. Group II Base Oils lighter grades of approximately 9000 MT is also offered by US refiners at a competitive prices and have been loaded for Asian region.

US FOB exports prices for Group I Base Oil marginally marked down and are quoted for the grades SN -70 (890 - 900), SN -150 (USD 905 - 915),SN -500 (USD 915 - 930),Bright Stock (USD 985 - 1005) PMT respectively. Group II Base Oil Prices for N -70 (USD 885 - 895), N-110 (USD 915 - 920), N-220 (USD 920 - 930), N-600 (USD 930 - 940) PMT respectively. Domestic US prices are marginally marked down and are offered for Group I for SN-70/150/500/Bright Stock in the range of USD 990 - 1000/1005 - 1010/1030 - 1040/1090 - 1095 per MT. Group II prices have also been marked down and are quoted around USD 1010 - 1015/1015 - 1020/1020 - 1030/1030 - 1040 PMT for N -70/100/220/600. Group III Base Oil prices in the domestic market have also declined and at present are quoted for 4 Cst (USD 1615 – 1620), 6 Cst (USD 1620 – 1630,) 8Cst (USD 1630 - 1640) PMT respectively. Another parcel of 2500 MT higher viscosity napthenic grades are getting ready to be shipped shortly. As per reports Ergon’s Napthenic Base Oil plant at Vicksburg, Miss. is on a maintenance turnaround from Feb 1, 2013. Marine fuel and lubricant supplier OW Bunker says it has received a contract from Shell Brazil to supply marine lubricants to customers throughout much of Brazil. This is a significant contract for OW Bunker Brazil, and highlights the strength of our operations in the region, as well as the development of our global lubricants offering," said Flavio Ribeiro, managing director of OW Bunker Brazil. We look forward to working with customers, and providing them with the right lubricant and fuel products that meet the demands of their operations.“ This is a significant contract for OW Bunker Brazil Flavio Ribeiro, Managing Director, OW Bunker Brazil The contract gives OW Bunker Brazil responsibility for the sale, supply, and distribution of Shell's marine lubricants in the South and Southeast regions of the country, as well as part of the Northeast. Analysts have said OW Bunker's growth strategy lies largely in the BRIC nations of Brazil, Russia, India, and China. The company launched operations in both Brazil and India in 2011 and opened a second office in China last year. Quaker Chemical Corporation (NYSE:KWR), a leading global provider of process fluids, has received H1 certification for QUAKEROL® PCL-FG – a high performance, food grade synthetic lubricant formulated for use on pin chains in the can manufacturing process. The synthetic lubricant keeps chains deposit free by minimizing carbon build-up and provides excellent lubricity, which results in increased efficiency and reduced wear. QUAKEROL® PCL-FG was deemed FDA-compliant for incidental food contact. In September 2012, H1 certification was obtained – giving QUAKEROL® PCL-FG approval as a lubricant for use in and around food processing areas. With today’s interest in ‘green’ technology, many beverage manufacturers are being asked to fill cans produced with food grade synthetic lubricants, in the event there is incidental food contact. Quaker is now in the unique position in the US to meet this growing need,” comments James Vandenberg, Quaker’s Industry Business Manager – Cans, North America. The H1 certification was obtained under NSF International’s Nonfood Compounds Registration program, which is based on meeting regulatory requirements (including FDA 21 CFR) for appropriate use, ingredients and labeling. Products approved for use under this program can be found in NSF’s White Book. Quaker also offers other food grade lubricants to the Can market, including low-VOC tab lubricants for can end conversion presses, pre-lubricants for tab stock, and necker lubricants for aluminum bottle cans. Hyrax Oil Sdn Bhd, a local manufacturer and trader of transformer oils and petroleum derivatives, whose exports now penetrate 38 countries, is keen to invest in a plant overseas in tandem with the company’s expansion plan to boost growth for its lubricant oils in foreign markets. Founder and Managing Director Datuk

Hazimah Zainuddin said there were several countries which have invited Hyrax Oil to operate a lubricant production plant. The company has an integrated plant covering a 1.40 hectare site at Port Klang. She said countries like Sri Lanka had also proposed for Hyrax Oil to operate in their country to service the lucrative Indian sub-continent. Hazimah said that other countries such as South Africa and Uganda have also invited the company to build plants there for better logistics and use their market as a base to expand to neighbouring countries. She said plans were still on the drawing board but the company would prefer the export business to grow in Malaysia so that it could generate earnings for the domestic economy. Nevertheless, "if logistically it is more feasible to build a plant overseas and it enhances our visibility, we will look into it. Besides transformer oils, the company manufactures lubricants for the automotive, marine, industrial sectors, as well as, coolants and greases. Hyrax is also targeting to chalk up a higher revenue in line with the company's aggressive marketing strategies locally and internationally.” Last year, we recorded RM97 million, this year we expect a 20 per cent increase (and) we are close to it, the first six months performance of the company, we have actually exceeded our target," she said. Hazimah, 50, started the business in 1989, and eventually persevered to grow the company, leading to it exporting about 30 per cent of its lubricant oils to the international market and supplying 70 per cent to niche markets such as transformer manufacturers and service contractors. It started its first export shipment to the Philippines in 1996, followed by the second to Thailand in 1997.In what is surely a feather to its cap, she said the company was appointed a strategic partner for Tenaga Nasional Bhd."We also export transformer oils quite aggressively to the Middle East as well as emerging economies like Bangladesh, Sri Lanka, Pakistan and Southern African and Western African nations. She said: "We are producing oil lubricants according to world specifications and the world standard specification. Hazimah said Hyrax Oil has a blending plant in Meru, Klang, with an investment of close to RM10 million which processes transformer oils and lubricants locally using South Korean technology. Passionate about fast cars and engines, the motor spare parts and engine oil business was an exciting prospect for her .Hyrax Oil produces several types of lubricant oil products which exceed performance requirements for all modern high performance cars, high revving racing engines, light truck, as well as, passenger cars

FOB Price Trend U.S - TOBS/SN 70

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1400

Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13

FOB Price Trend United States - BS -150

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1400


FOB Price Trend United States - SN 500

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1400


FOB Price Trend United States - SN 150

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Base Oil domestic prices in European region remains in downward mode with surplus inventories and are moving in tandem with Crude oil, VGO and Fuel Prices. 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 910 - 925), SN –500(925 - 930), Bright Stock (USD 1010 - 1020). Demand for Group II and II plus remains status quo but prices have shown a weakness as there is an adequate inflow from South East Asian Region and USA. Lighter grades like N -70/150 are being offered in the price range of USD 975 - 985, while higher viscosity grades like N -500/600 are quoted around USD 1000 - 1010 PMT in the domestic market. FOB Europe Exports prices are oscillating for Group I SN -150 (USD 875 - 885), SN -500 (885 - 890), Bright Stock (USD 990 - 995) PMT respectively. Some small parcels of Group I Heavy neutrals are ready for exports to Middle East & Asian region. Approximately, 2000 MT of Bright Stock parcels are also offered to Egyptian buyers and also in the Asian region. Shell Petroleum Company, an affiliate of Royal Dutch Shell PLC it will start construction of its joint-venture base-oil manufacturing plant with Hyundai Oil bank Co. next week, a move that it expects to boost supply of lubricants to China and the rest of Asia.” This plant is being built in response to an expected growth in high quality lubricant demand in the East, driven by new vehicle ownership and production, construction and industrial activity - especially in the power generation and oil and gas production sectors," Shell said in a press release. Neither party has disclosed how much they are investing in the joint venture. The plant, to be built in Daesan where the South Korean company's refinery is located, will be Shell's fourth base-oil manufacturing plant in Asia after Singapore, Taiwan and Japan, and will be close to key lubricants markets. Base oils are blended with additives to produce finished products that are used in turbines, power stations, ships and ground vehicles, Shell said. The company has 19 lubricant blending plants in Asia. The announcement follows a statement by Hyundai Oil bank last year that it signed a deal with Shell to form a joint venture for the base-oil plant, with a capacity of 20,000 barrels a day. Hyundai Oil bank has a 60% stake in the JV, with Shell Petroleum Company having the remaining 40%. The plant will be fully operational by the second half of 2014.

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 October 2012, Germany imported 742311 MT of Lubricants. The country imported 82619 MT of Lubricants in January 2012, 65889 MT in February, 86069 MT in March, 73119 MT in April, 68106 MT in May, 75431 MT in June, 82025 MT in July, 60320 MT in August, 74810 MT in September and 73923 MT in October 2012. Germany Lubricants import has decreased by 1% in October 2012, as compared to last month i.e. September 2012. During the period January to October 2011, Germany imported 774135 MT of Lubricants. As per the data analysis by our team, Germany Lubricants import has dipped down by 4% during January to October 2012, as compared to the same period last year i.e. January to October 2011. Germany Lubricants import has increased by 19% in October 2012, as compared to same period last year i.e. October 2011.

During the period month of January to October 2012, Germany exported 907434 MT of Lubricants. The country exported 90534 MT of Lubricants in January 2012, 90545 MT in February, 89439 MT in March, 89811 MT in April, 83993 MT in May, 91289 MT in June, 85546 MT in July, 88304 MT in August, 95471 MT in September and 102502 MT in October 2012. Compared to last month i.e. September 2012, export of the country has increased by 7% in the month of October 2012. Germany export has gone up by 18% in October 2012, as compared to same period last year i.e. October 2011. During the period January to October 2011, Germany exported 930014 MT of Lubricants. As per the data analysis by our team, Germany Lubricants consumption has decreased by 2% during Jan to October 2012, as compared to the same period last year i.e. Jan to October 2011.

During the period month of January 2012 to October 2012, Germany consumed 911739 MT of Lubricants. The country consumed 81351 MT in January 2012, 83746 MT in February, 103880 MT in March, 91743 MT in April, 92847 MT in May, 92926 MT in June, 94439 MT in July, 84931 MT in August, 87041 MT in September and 98835 MT in October 2012. Compared to last month i.e. September 2012, consumption of the country has increased by 14% in the month of October 2012. During the period January to October 2011, Germany consumed 870893 MT of Lubricant. Germany Lubricant consumption has increased by 5% during Jan to October 2012, as compared to the same period last year i.e. Jan to October 2011. Germany consumption has gone up by 26% in October 2012, as compared to same period last year i.e. October 2011.

61902 62693 65889

86069

6810675431

82025

60320

74810 739237311975363 82619

0

20000

40000

60000

80000

100000

Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12

Germany Lubricants Import Data in MT baseoilreport.com

7851074386

83746

103880

92926 9443984931 87041

98835928479174389772

81351

0

20000

40000

60000

80000

100000

120000


Germany Lubricants Consumption Data in MT baseoilreport.com

86588

7409983993 85546 88304

95471102502

91289898118943990545102946

90534

0

20000

40000

60000

80000

100000

120000


Germany Lubricants Export Data in MT baseoilreport.com

China’s demand for base oil is lackluster and domestic refiners’ prices are competitive at present 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 995 - 1000) SN -500 - N 500 (USD 1000 - 1005),Bright Stock (USD 1020 - 1025) PMT respectively. Prices may show resistance at the current level. Some small cargoes of 1500 MT of Group I SN -150/500 of Russian origin are being shipped shortly as prices being competitive. During the period Jan to November 2012, China imported 1.79 million MT of Base oil. China imported most of its base oil from different countries like 574713 MT (32%) from Singapore, 366697 MT (20%) from Korea, 271912 MT (15%) from Taiwan, 131515 MT (7%) from Japan, 99219 MT (6%) from Malaysia, 85197 MT (5%)

from Russia, 69593 MT (4%) from Spain, 38051 MT (2%) from Indonesia, 33876 MT (2%) from Thailand, 29536 MT (2%) from Other countries, 27523 MT (2%) from Bahrain, 22806 MT (1%) from Qatar, 22762 MT (1%) from United States, 10432 MT (1%) from Netherlands and 9037 MT (1%) from UK. During the period Jan to November 2012, China imported 1.79 million MT of Base oil. China imported most of its base oil to different ports like 664353 MT (37%) to Nanjing, 473749 MT (26%) to Tianjin, 101543 MT (6%) to Hangzhou, 98497 MT (5%) to Gongbei, 91409 MT (5%) to Hohhot, 82774 MT (5%) to Huangpu, 64930 MT (4%) to Shenzhen, 53515 MT (3%) to Shanghai, 35007 MT (2%) to Nanning, 30755 MT (2%) to Guangzhou, 24528 MT (1%) to Dalian, 19316 MT (1%) to Qingdao, 14575 MT (1%) to Ningbo, 14526 MT (1%) to Zhanjiang and 14526 MT (1%) to Other ports.

Singapore, 574713, 31%

Malaysia , 99219, 6%

Taiwan , 271912, 15%

Japan , 131515, 7%

Korea, 366697, 20%

Russia , 85197, 5%

Spain , 69593, 4%

Other countries, 29536, 2%

Bahrain , 27523, 2%

United Kingdom , 9037, 1%

Netherlands, 10432, 1%

United States , 22762, 1%

Qatar , 22806, 1%

Indonesia , 38051, 2%

Thailand , 33876, 2%

China Base Oil Import - Country, MT & % Jan - November 2012

baseoilreport.com

Huangpu, 82774, 5%

Nanjing, 664353, 37%

Tianjin, 473749, 26%

HangZhou, 101543, 6%

Gongbei, 98497, 5%

Hohhot, 91409, 5%

Ningbo, 14575, 1%

Qingdao, 19316, 1%

Zhanjiang, 14526, 1%

Other ports, 23391, 1%

Dalian, 24528, 1%

Guangzhou, 30755, 2%

Nanning, 35007, 2%

Shenzhen, 64930, 4%

Shanghai, 53515, 3%

China Base Oil Import - Port, MT & % Jan - November 2012

baseoilreport.com

THERE is an urgent need for the government of Nigeria to control the influx of fake and adulterated lubricants in the country, if the Nigerian lubricant manufacturing industry would develop and contribute reasonably to the development country’s Gross Domestic Products. Nigeria is said to be losing over N200 billion annually due to illegal importations and consumption of substandard lubricants by Nigerians, especially on the patronage of the roadside engine oil and other oil products in the country. Sequel to this, stakeholders in the oil sector have expressed worries over the menace in the country and urged the Federal Government and its regulatory bodies, such as the Standards Organization of Nigeria (SON) and others to take actions that would end trend. The stakeholders, under the aegis of Lubricant Producers Association of Nigeria (LUPAN) said Nigeria loses billions of Naira to adulterated base oil, a situation that requires urgent attention from government to stem the scourge and protect the country’s lubricant manufacturing industry. According to Lube Operations Manager, MRS Oil Nigeria Plc., Mr. Ay-obami Odetola, Nigeria is the largest importer of used cars and incurs

over N100 billion on adulterated lubricants, while over N30 billion goes into treatment of respiratory infections caused by environmental hazards due to the usage of such oil across the country. He noted that it costs the country over $250 million to import base oil on yearly basis despite the fact there was no need for the importation, saying that base oil is not treated and has water and impurity in it, which cause damage to engines and environmental pollution due to gases emission. Speaking on the health implications of consuming adulterated oil lubricants, the Gas Manager, Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Olasupo Agbaje, said “Procurement, distribution and retailing of base oil and adulteration or improperly packaged lubricants by unlicensed vendors over the years resulted in malfunctioning and damage of engines and machinery. He expressed the optimism that a joint action of SON, Federal Government and LUPAN against the menace would stop the influx of fake lubricants in the country, adding that a campaign to sensitise the masses on the consequences of using adulterated oil is necessary to coordinate its consumption. Meanwhile, in a recent visit to the SON’s Lagos office, a team of LUPAN, led by its Vice Chairman, Alhaji Ado Mustapha Muhammed alerted the regulatory body on the rate at which fake lubricants and other products are peddled in the Nigerian market, which he said portends danger for development of the industry. According to him, the negative trend in the wake of President Good luck Jonathan’s administration is much-touted local content agenda, which signals danger to users, the nation’s economy and could cripple the local industry if urgent steps are not taken to arrest the alarming trend. He noted that a downward review of duty to five per cent would encourage genuine local production in the nation’s quest for industrialization, local content propagation and self-reliance, expressing the need to stop the influx by raising the existing tariff regime on imported lubricants to 50 per cent in order to discourage importation. Muhammed added that the association is ready to wage wars against the menace with the help of SON as its members are losing huge amount to the perpetuators.” The mechanism to sustain the campaign has been put in place and severe sanctions would be given to offenders in the sector.” “Though the regulatory agencies are assuring the association of better things to come but stakeholders in the Lubricant market, who are the victims of the situation are losing hope every day by day,” he lamented. But the Director General of SON, Dr. Joseph Odumodu assured the LUPAN of actions that would stem the crises, describing its Quality Summit as a child of necessity to tackle issues such as this, noting that the theme of the summit: “Less Waste, Better Results: Standards Increase Efficiency,” was borne out of the desire to clean the markets of fake products, adding that the maiden edition of the summit offered opportunities for Nigerian businesses, especially small and medium enterprises (SMEs) to venture into other huge market of West African sub-region and beyond. Russian base oil availability is in abundant. Prices have witnessed a substantial downward correction due to lack of demand. Prices offered in Western Europe are in the region for SN -150 (USD 880 - 885), SN -500 (USD 890 - 900) PMT. While, FOB Russia base oil export prices for SN-150 (USD 850 - 860), SN – 500 (860 - 870) PMT respectively. Tupras Base Oil sales volumes were 244000 MT in 2009, during the year it jumped by 30 percent to 316000 MT in 2010, while it marked up by 20 percent to 380000 MT in 2011.

Tupras Base Oil Sales Volume 2009 - 2011 In MT

244000

380000

316000

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2009 2010 2011

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 has moved down and CFR prices at the current level are quoted for grades SN -150 (980 - 990), SN -500 (USD 990 - 995), Bright Stock (USD 1040 - 1050) per MT. Some medium sized cargoes are expected shortly of SN -150/500 of approximately 1200 MT from Baltic region. Some small Bright Stock cargoes are expected at Nigeria in the price range of USD 1040 – 1050 PMT. Base Oil Prices in Singapore’s domestic market is also following a global trends and treads cautiously as buyers are expecting that the prices may witness a drop of another USD 5 – 10 pmt, In the domestic market prices for Group I are hovering in the region of SN -150 (USD 950 - 960), SN -500 (USD 960 - 970), Bright Stock (USD 1025 - 1030) 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 1000 - 1005), J-500 (1010 - 1015) PMT respectively. FOB Singapore Export prices for Group I SN -150 (USD 910 - 920), SN -500 (USD 925 - 930), Bright Stock (USD 1015 - 1025) PMT respectively. Group II Export prices for J -150 (USD 975 - 995), J-500 (USD 995 - 1000) PMT respectively. Approximately another 20000 MT scheduled to be shipped by Jan 31, 2013. During the period January to November 2012, Singapore imported 455237 MT of Base Oil. The country imported 60950 MT of Base Oil in January 2012, 50573 MT in February, 40118 MT in March, 42922 MT in April, 42491 in May, 61590 MT in June, 39685 MT in July, 23394 MT in August, 27680 MT in September, 45187 MT in October and 20647 MT in November 2012. Compared to last month i.e. October 2012, import of the country has decreased by 54% in the month of November 2012. Singapore import has gone down by 69% in November 2012 as compared to same period last year i.e. November 2011. Import of the country has decreased by 75% during Jan to November 2012, as compared to the same period last year i.e. Jan to November 2011. In November 2012, Singapore imported 20647 MT of Base Oil. The country imported 9786 MT (47%) from Korea, 4547 MT (22%) from Thailand, 4488 MT (22%) from Qatar, 1012 MT (5%) from China, 469 MT (2%) from Malaysia, 196 MT (1%) from UAE, 121 MT (1%) from Taiwan and 28 MT from Others countries. during the month of January to November 2012, Singapore exported 2474703 MT of Base Oil. The country exported 233925 MT of Base Oil in January 2012, 224414 MT in February, 226955 MT in March, 187485 MT in April, 303777 MT in May, 230909 MT in June, 240204 MT in July, 166916 MT in August, 203705 MT in September, 209459 MT in October and 246974 MT in November 2012. Compared to last month i.e. October 2012, export of the country has increased by 18% in the month of November 2012. Singapore export has gone up by 30% in November 2012, as compared to same period last year i.e. November 2011. In November 2012, Singapore exported 246974 MT of Base Oil. The country exported 86529 MT (35%) to Netherlands, 44684 MT (18%) to China, 21110 MT (9%) to Australia, 14386 MT (6%) to Thailand, 14293 MT (6%) to India, 13631 MT (6%) to United States, 13391 MT (5%) to Indonesia, 11780 MT (5%) to Vietnam, 6169 MT (2%) to Pakistan, 5790 MT (2%) to Japan, 5101 MT (2%) to Malaysia, 2882 MT (1%) to Korea, 2772 MT (1%) to Other Countries, 2385 MT (1%) to Philippines and 2071 MT (1%) to Hong Kong.

FOB Price Trend Singapore - Bright Stock

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FOB Price Trend Singapore - SN 150

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FOB Price Trend Singapore - SN 500

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Singapore Base Oil Import Qty Trend - QTY MT

42491

2768020647

6159050573

40118 45187

23394

3968542922

60950

45959

67429

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baseoilreport.com

KOREA , 9,786, 47%

CHINA , 1,012, 5%

MALAYSIA , 469, 2%UAE, 196,

1%

TAIWAN, 121, 1%OTHER COUNTRIES,

28, 0%

QATAR, 4,488, 22%

THAILAND, 4,547, 22%

baseoi lreport.com

Singapore Base Oil Import - Country, MT & % - November 2012

Singapore Base Oil Export Qty Trend - QTY MT

187485

230909 240204 246974233925224414

190621186719 203705 209459

226955

166896

303777

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350000


baseoilreport.com

PAKISTAN , 6169, 2%

VIET NAM, 11780, 5%

INDONESIA , 13391, 5%

HONG KONG , 2071, 1%

JAPAN , 5790, 2%

MALAYSIA , 5101, 2%

KOREA , 2882, 1%

OTHER COUNTRIES, 2772, 1%

PHILIPPINES , 2385, 1%

INDIA , 14293, 6%

THAILAND , 14386, 6%CHINA , 44684,

18%

NETHERLANDS, 86529, 35% UNITED STATES,

13631, 6%

AUSTRALIA, 21110, 9%

baseoilreport.com

Singapore Base Oil Export - Country, MT & % - November 2012

e

So far in this year i.e. during the period January to November 2012, Thailand imported 199612 MT of Base Oil. The country imported 13770 MT of Base Oil in January 2012, 21268 MT in February, 25217 MT in March, 17016 MT in April, 20590 MT in May, 11983 MT in June, 12784 MT in July, 16550 MT in August, 16101 MT in September, 11642 MT in October and 32691 MT in November 2012. During the period i.e. Jan to November 2011, Thailand imported 182390 MT of Base Oil. Import of the country has increased by 9% during Jan to November 2012, as compared to the same period last year i.e. Jan to November 2011. Compared to last month i.e. October 2012, import of the country has increased by 21049 MT in the month of November 2012. Thailand import has gone up by 24513 MT in November 2012 as compared to same period last year i.e. November 2011. During the month of November 2012, Thailand imported 32691 MT of Base oil. The country imported 14843 MT (45%) from Singapore, 9063 MT (28%) from Korea, 4707 MT (14%) from Japan, 2464 MT (8%) from Qatar, 925 MT (3%) from Malaysia, 655 MT (2%) from Sweden and 34 MT from Other Countries. So far in this year i.e. during the period January to November 2012, Thailand exported 159586 MT of Base Oil. The country exported 6919 MT of Base Oil in January 2012, 12336 MT in February, 16726 MT in March, 6978 MT in April, 10673 MT in May, 18245 MT in June, 11138 MT in July, 27533 MT in August, 21418 MT in September, 9391 MT in October and 18228 MT in November 2012. During the period i.e. Jan to November 2011, Thailand Exported 131422 MT of Base Oil. Export of the country has increased by 21% during Jan to November 2012; Compared to last month i.e. October 2012, export of the country has increased by 94% MT in the month of November 2012. Thailand export has gone up by 15241 MT in November 2012 as compared to same period last year i.e. November 2011. During the month of November 2012, Thailand exported 18228 MT of Base oil. The country exported 9692 MT (53%) to Singapore, 3530 MT (19%) to China, 2313 MT (13%) to Indonesia, 1281 MT (7%) to Australia, 1141 MT (6%) to Vietnam, 226 MT (1%) to Korea and 45 MT to Malaysia.

8178

13770

25217

17016

11983 12784

16550

11642

2059020572

32691

21268

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Thailand Base Oil Import in MT

SINGAPORE, 14843, 45%

SWEDEN, 655, 2%

QATAR, 2464, 8%

JAPAN, 4707, 14%

OTHER COUNTRIES,

34, 0%

MALAYSIA, 925, 3%

KOREA, 9063, 28%

Thailand Base Oi l Import in MT November 2012

baseoilreport.com

934010673 11138

9391

18228

6919

1672621418

27533

12336

69782987

18245

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Thailand Base Oil Export in MT

SINGAPORE, 9692, 54%

MALAYSIA, 45, 0%

KOREA, 226, 1%

VIETNAM, 1141, 6%

AUSTRALIA, 1281, 7%

INDONESIA, 2313, 13%

CHINA, 3530, 19%

Thailand Base Oil Export in MT November 2012

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. Quoted FOB export prices are fluctuating in the range of for N -60/70 (USD 910 - 915), N -150 (USD 950 - 960), N- 500 (USD 975 - 995) 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 32000 MT. of base oils are ready to be shipped by Jan 31, 2013 Korea produced nearly 118461 KL of Lubricating oil in the month of November 2012. The country managed to ship 125286 KL in the said month. Korea has a good demand for the Lubricating oil in the country itself; it has sold 81223 KL in the domestic market and sent only 44063 KL for exports. Inventory level reported at 58537 KL at the end of November 2012. Korea produced nearly 2593 MT of Greases in the month of November 2012. The Countries actual shipment quantity for the month was 2808 MT. Korea sold 2273 MT of Greases in the domestic market whereas only 535 MT were exported to other countries. End of the month inventory levels reported at 2057 MT.

FOB Price Trend Korea - TOBS

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South Korea Production, Domestic Sale and Export Lubricating oil Figures in Kilo Litre

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South Korea Production, Domestic Sale and Export Grease Figures in MT

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 have been drastically reduced by the refiners. FOB Iran exports prices marked down substantially for SN -150 (USD 820 - 830), SN -500/650 (USD 830 - 940) Rubber Process Oil (USD 615 – 625) PMT respectively. It is perceived by some buyers that prices may drop below USD 800 FOB level due to lackluster demand of Group I cargoes. Iranian origin cargoes are now routed through UAE for facilitation of the trade and to receive payment in local currency. ENOC Lubricants, one of the fastest growing lubricant companies in the Middle East and a subsidiary of Emirates National Oil Company (ENOC), launched new strategies to fuel its growth, in line with its 'Energy to Drive Ahead' plan, at its 5th Annual Business Meeting held recently in Kuala Lumpur, Malaysia. The status of the global lube industry, its effect on stakeholders and current market dynamics were addressed at the two-day event. Potential expansion of the product line portfolio, enhancement of inventory management, growing profitability and introduction of new generation oils were also discussed with business distributors and trading associates from over 40 countries, who were able to attend this year's annual meeting. ENOC Lubricants launched new initiatives to enable its distributors to achieve significant growth that build on the company's aspirations. The company's new web portal, lube recommendation site, marine approval, and new products and services were also unveiled at the event. Zaid Al Qufaidi, Managing Director of Marketing - ENOC, said: "ENOC Lubricants has been growing steadily and is focused on strengthening its presence not only in the Middle East but across key emerging markets. The annual business meeting is a venue for us to spark discussion and stimulate dialogue with our stakeholders, ensuring that they are all aligned with ENOC's overall vision. The new initiatives unveiled at the meeting received positive response from all our partners, and we are confident that ENOC will record robust growth year in 2013 led by its 'Energy to Drive Ahead' strategy." Mohammed Sadek, Director of Lubricants Marketing - ENOC said: "We have had a good year in terms of growth despite challenging market conditions. Our growth came in from entry into new markets, and by expanding the existing ones. ENOC has ambitious plans for 2013, where we will continue to explore potential growth opportunities through strategic geographic expansion plans in line with our development goals and growth aspirations. Operating under the ENOC Marketing Segment, ENOC Lubricants recorded year-on-year growth, ahead of the general projected industry trends. This was brought on by its entry in new markets such as Algeria, Egypt, Benin, Angola, and Bosnia, in addition to its drive to enhance its lubricants production capabilities at ELOMP and in other toll blend locations in various geographies. ENOC Lubricants also recorded an increase in market share for their signature 'green' synthetic engine oils, PROTEC Green 5W40 and PROTEC X-treme Energy 5W30, and has extended its green line with two new products branded under the PROTEC FLEX & KUWA range. ENOC Lubricants, with ISO 9001, ISO 14001 and ISO 18001 certifications, is the largest producer of finished lubricants, and has a proven track for quality and excellence. Its products are approved by some of the most renowned original equipment manufacturers in the world. ENOC Lubricants currently markets its products to over 55 countries in the world

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 Dec, 2012, Approximately 1, 39,099 MT of base oils of all the grades have been procured at Indian Ports which is substantially marked down form Nov 2012. Major imports are from Korea, Singapore, USA, UAE, Iran, Taiwan, France, UK, Netherlands, Japan, Italy, Belgium, etc. Indian State Oil PSU’s IOC/HPCL have kept their base oil prices unchanged effective Jan 16, 2013. BPCL prices are awaited for the current fortnight. It is also worth to be noted that India currency has been again marked down to Rs. 54.75 against USD. 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. 50-25 – 50.50/51.00 – 51.25 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 are steady. As per conversation with domestic importers and traders prices have been marked up for all the above grades and at the current level are quoted in the range of Rs. 49.00 – 49.25/51.10 – 51.40/52.50- 52.90 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. 50.00-50.15 per liter in bulk and Heavy Liquid paraffin (IP) is Rs. 58.45 – 58.75 per liter in bulk respectively plus taxes extra.

SN 500 - Iran CFR Price in USD MT-JNPT India.

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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. 9015 - 9030 pmt packed in barrels of 205 Kg, plus VAT as applicable. Imports have also been dwindled 2000 MT of bulk RPO cargoes have been reached at Indian Port and the product has been unloaded at storage terminal inside the Mumbai Port.

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