Taiwan’s FPCC buys H2 August spot naphtha

17 July 2008 06:44  [Source: ICIS news]

SINGAPORE (ICIS news)-- Taiwan’s Formosa Petrochemical Corp (FPCC) has purchased 50,000 tonnes of naphtha for delivery in the second half of August, trading sources said on Thursday.

The cargo was bought from a western major at a discount of around $5-5.50/tonne to Japan quotes CFR (cost and freight) Taiwan.

FPCC bought a reduced volume due to a 45-day scheduled maintenance shutdown in mid-September at its 1.2m tonne/year No 3 naphtha cracker.

The company had previously bought a 50,000 tonne cargo of open spec naphtha and another 30,000 tonne cargo for delivery in the first half of August.

The cargoes were bought from two western traders at a premium of around $5/tonne.

FPCC normally purchases its naphtha via buy tenders but had recently begun buying on a spot basis. 

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By: Desmond Chia
+65 6780 4359

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