02 August 2007 10:44 [Source: ICIS news]
SINGAPORE (ICIS news)--Oman Polypropylene has not offered any polypropylene (PP) cargoes to the Middle East and South Asia for August shipment due to an outage at its 340,000 tonne/year plant at Sohar, traders and end users said on Thursday.
The unplanned shutdown, which started last week, was caused by a lack of feedstock propylene, a source close to the company said.
Oman PP obtains propylene from the Sohar refinery, which has been shut since mid-July due to technical problems, the source added.
“The refinery is expected to restart by mid-August and the PP plant two days after the refinery,” the source added.
The shutdown exacerbated the tight supply situation for PP in Middle East and ?xml:namespace>
PP prices rose up to $30/tonne in the Middle East and $50/tonne in South Asia last Friday from two weeks earlier, to $1,400-1,440/tonne CFR (cost and freight) Middle East and $1,380-1,480/tonne CFR South Asia, according to global market intelligence service ICIS pricing.
Oman PP is owned by Oman Oil (40%), LG International (20%), Gulf Investment (20%) and International Petroleum Investment (20%).
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