24 September 2008 11:31 [Source: ICIS news]
TOKYO (ICIS news)--Japanese trading house Marubeni Corp has signed a contract with PetroVietnam to purchase 150,000 tonnes/year of propylene from Vietnam’s first refinery Dung Quat starting in February 2009, a company spokesman said on Wednesday.
As per the contract, the Japanese firm would offtake all the propylene produced from the residual fluid catalytic cracking (RFCC) at the refinery until the 150,000 tonnes/year polypropylene (PP) facility at the same site was completed, the spokesman said.
"There’s no fixed ending date for the contract, but we are expecting the facility would probably be completed around 2010," he added.
The 148,000 bbl/day refinery was scheduled to start operating in February 2009, the spokesman said.
The propylene price would be decided in accordance with the free on board (FOB) values in the Singapore market, he added.To discuss issues facing the chemical industry go to ICIS connect
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