FPCC buys first spot naphtha cargo in 7 months

11 January 2007 09:31  [Source: ICIS news]

SINGAPORE (ICIS news)--Taiwan’s Formosa Petrochemical Corp (FPCC) has purchased one naphtha cargo for February loading, its first spot cargo in more than seven months, a company source said on Thursday.

 

“We bought one 75,000 tonne full-range naphtha cargo for second half February loading,” the source said, declining to reveal the purchasing price.

 

Some naphtha traders speculated that the cargo may have been purchased at a discount to the Japan spot quotes.

 

FPCC last bought one spot naphtha cargo around June-July 2006, traders said. The company had restarted its No 1 cracker in Mailiao, Taiwan, in early November after it was shut for a turnaround.

 

Formosa’s No 1 cracker is the country’s second largest and produces 700,000 tonnes/year of ethylene and 500,000 tonnes/year of propylene.

 

FPCC’s No 2 900,000 tonne/year cracker was running normally. Its new No 3 1.2 million tonne/year cracker should start sometime this year.

By: Nurul Darni
65 6789 4359

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