EPCA '07: Libya's NOC delays methanol turnaround

30 September 2007 18:07  [Source: ICIS news]

BERLIN (ICIS news)--Libya’s National Oil Corporation (NOC) has postponed the turnaround of its 650,000 tonne/year methanol plant from November to next year due to current strong spot prices, a company source said on Sunday.

 

Talking on the sidelines of the European Petrochemical Association (EPCA) conference, Khaled B. Zammit, NOC’s Marketing Department Manager, said sharp gains in the price of methanol were the main drivers behind the decision to postpone the 21-day turnaround.

 

The last spot deal was done at €355/tonne FOB (free on board) Rotterdam, €65/tonne higher than the previous trade, according to global market intelligence service ICIS pricing.

 

At the same time, fourth-quarter discussions include a rise to €430/tonne from quarter three’s €218/tonne.

 

NOC last shut down the plant for 45 days in August.

By: Caroline Howard
+44 20 8652 3214

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