09 May 2008 15:21 [Source: ICIS news]
(Adds confirmation of acetic acid force majeure in second paragraph and further details in third paragraph)
LONDON (ICIS news)--Interquisa has declared force majeure on one production line at its purified terephthalic acid (PTA) plant in San Roque, Spain, due to technical problems, a source at the company confirmed on Friday.?xml:namespace>
Interquisa has additionally declared force majeure on purchases of paraxylene (PX), a feedstock for PTA, and acetic acid for May and June, the source said.
As a significant buyer, this could put further downward pressure on the acetic acid market, the source added. There are already unconfirmed reports of initial Q2 contract settlements at minus €70-90/tonne.
The 750,000 tonne/year PTA line had been completely shut down due to the technical problems, while the second line was operating at 100% capacity.
The line would be down for at least two months, the source added, as repairs were made.
The breakdown to a compressor motor occurred early last week as the plant was restarting following planned maintenance, the source added.
Interquisa declared force majeure on 30 April when it became apparent that the plant could not be restarted in the short term.
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