Corrected: Lotte Daesan sells ethylene at $90/tonne increase

02 July 2008 10:01  [Source: ICIS news]

Correction: In the ICIS news story headlined “Lotte Daesan sells ethylene at $90/tonne increase” dated 2 July 2008, in the first paragraph please read ...Lotte Daesan, which operates South Korea’s largest cracker... instead of …South Korea’s largest cracker operator Lotte Daesan... and ...sold a 3,000 tonne cargo of ethylene at $1,640/tonne - an increase of $90/tonne over previous deals - … instead of …sold a 3,000 tonne cargo of ethylene for an increase of $90/tonne over previous deals at $1,640/tonne....

In the second paragraph, please read ...The cargo, for end of July or first half of August loading,… instead of… The cargo for end of July or first half of August delivery.... A corrected story follows.

 

SINGAPORE (ICIS news)--Lotte Daesan, which operates South Korea’s largest cracker, has successfully sold a 3,000 tonne cargo of ethylene at $1,640/tonne - an increase of $90/tonne over previous deals - on tight supply, sources close to the company said on Wednesday.

 

The cargo, for end of July or first half of August loading, was sold on a free on board (FOB) Korea basis to a trader who was currently in talks with potential buyers in northeast Asia.

 

Tight supplies and surging naphtha costs have pushed up bid and offer levels in the region.

 

Lotte Daesan, which expanded its cracker capacity by 350,000 tonnes/year to 1m tonnes/year after a turnaround in May, sold a mid-July shipment at $1,550/tonne FOB Daesan last week.

 

The company increased capacity at the cracker to 100% just recently. 

 

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By: Peh Soo Hwee
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