24 March 2005 14:29 [Source: ICIS news]
LONDON (CNI)--The fatal explosion at BP's Texas City refinery in the US Gulf has virtually eliminated any immediate possibility of a propylene arbitrage window with the US, European market sources told CNI on Thursday.
They said that yesterday's blast has so far had little impact on the European propylene market. But one market source today commented that the potential effect on global propylene could be the loss of exports from the US to Europe and Asia, as possibilities began to appear in an arbitrage window. This looks less likely now, although US markets have not yet reacted to the tragic incident. No impact is expected on ethylene markets.
Fourteen people died, all believed to be contractors' staff, and some 70 were injured in the explosion at the 470,000 bbl/day Texas City refinery.
Adjacent facilities at the huge petrochemicals complex were also likely to have been affected, a company spokesman told CNI. The 320,000 tonne/year fluid catalytic cracker (FCC) was rumoured to have been shut but this could not be confirmed.
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