17 December 2008 13:42 [Source: ICIS news]
The ethylene plant would be idled until demand recovers,
A maintenance turnaround scheduled for the plant for the first half of 2009 would be brought forward to be performed during the down time, it said.
The decline in demand was the result of the continued deterioration in the US and global economies and a reaction to the sharp product price declines due to the collapse in energy and feedstock prices, it added.
"The slowing economic environment is having a more substantial impact on consumer demand and the entire supply chain than previously anticipated, resulting in reduced volumes and margins in our businesses," said CEO Albert Chao.
"Our balance sheet and liquidity remain strong and we will build on that strong financial position and continue prudent financial discipline in response to current market challenges,” he added.
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