NewsFlashTaiwan’s Formosa pays first naphtha discount of 2009

23 April 2009 11:56  [Source: ICIS news]

SINGAPORE (ICIS news)--Taiwan’s Formosa Petrochemical Corp (FPCC) has paid the first discount of the year for a large parcel of naphtha, according to trading sources on Thursday.

FPCC paid a discount of $1.50/tonne to Japan quotes CFR (cost and freight) Taiwan for a 75,000-tonne cargo of open-spec naphtha to be delivered over the first half of June.

A glut in supplies from northwest Europe, Kuwait and India has put pressure on the Asian naphtha market.

Furthermore, some Asian cracker operators have begun using liquefied petroleum gas (LPG) in place of naphtha, replacing up to 15% of the latter. This has reduced demand for naphtha.

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By: Desmond Chia
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