Quake disrupts PetroChina polymer supply
13 May 2008 08:14 [Source: ICIS news]
SHANGHAI (ICIS news)--The tight polymer supply situation at PetroChina is expected to worsen after the earthquake on Monday afternoon in China’s Sichuan province disrupted rail and road transport across the country, a company source said on Tuesday.
The powerful earthquake closed several major highways and expressways in southwestern Sichuan and northwestern Shaanxi provinces, according to China’s transport ministry.
Railway lines in various areas were currently inoperable and around 180 trains were stranded at different locations, the ministry said in a statement.
"Transportation deadlocks definitely will aggravate our polymer supply in all sales branches in China in the coming days," the source said in Mandarin.
Supply had been tight since early May due to transportation restrictions, imposed to ensure transport of food from northeast to south China from 1 May to 30 June, the source added.
"The inventory is very lower than normal currently and we almost have no cargoes to sell," one east China-based PetroChina salesman said.
"Most cargoes are stemmed at producers’ warehouse and only few on the road," the source added.
There was little chance of the problem being resolved in the short term, said market players who believed that polymer prices would rally further
By: Jade Xu
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