Taiwan’s Formosa buys H2 June-early July naphtha
08 May 2008 04:36 [Source: ICIS news]
SINGAPORE (ICIS news)--Taiwan's Formosa Petrochemical Corp (FPCC) has bought about 100,000-150,000 tonnes of naphtha for delivery over second half of June to early July, industry sources said on Thursday.
The cargoes were bought at a discount of around $1/tonne to Japan quotes on a CFR (cost and freight) Taiwan basis.
The tender, which had originally sought 75,000 tonnes of open spec naphtha for 26 June-5 July delivery into Mailiao, had closed on 7 May.
The sellers were said to be a western trader and a major.
The larger than expected purchase was attributed to the resumption of FPCC’s 700,000 tonnes/year No 1 cracker to full operation rate.
The cracker in Mailiao had been running at a reduced operation rate of 60-80% after a three-day outage due to a power trip earlier this month.
FPCC previously bought about 200,000 tonnes of naphtha at a discount of around $2.50-3/tonne.
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