Corrected: Mid-East PP supply eases on PIC Kuwait restart

14 February 2008 13:52  [Source: ICIS news]

Correction: In the ICIS news story headlined "Mid-East PP supply eases on PIC Kuwait restart" dated 14 February 2008, please read in the fourth paragraph ... ‘Kuwait National Petroleum Co (KNPC), a fully-owned subsidiary of Kuwait Petroleum co (KPC), produces 100,000 tonnes/year of propylene at one of the refineries. KPC also fully owns PIC’.... instead of ...Kuwait National Petroleum Co (KNPC), which holds a 100% stake in PIC, produces 100,000 tonnes/year of propylene at its Shuaiba refinery’.... A corrected story follows.

SINGAPORE (ICIS news)--Petrochemical Industries Co (PIC) has resumed full production at its 120,000 tonne/year polypropylene (PP) plant in Shuaiba, Kuwait, following its restart early this week, a source close to the company said on Thursday.

“The restart has eased somewhat the tight PP supply situation in the Middle East, as output from the plant is now readily available,” a Dubai-based trader said.

The plant was shut on 22 December for a 49-day maintenance turnaround, in line with the turnaround of its propylene feedstock supplier’s refinery, the source said.

Kuwait National Petroleum Co (KNPC),  a fully-owned subsidiary of Kuwait Petroleum co (KPC), produces 100,000 tonnes/year of propylene at one of the refineries. KPC also fully owns PIC.

PP supply in the Middle East has been severely restricted recently and due to planned and unplanned shutdowns at regional plants.

The limited supply caused PP prices in the Middle East to surge $50-80/tonne to $1,550-1,610/tonne CFR (cost and freight) last Friday from a month earlier, according to global chemical market intelligence service ICIS pricing.

For more on PP visit ICIS chemical intelligence

By: Prema Viswanathan
+65 6780 4359

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