27 July 2009 09:40 [Source: ICIS news]
SINGAPORE (ICIS news)--Iran’s Fanavaran Petrochemical Co plans to restart its 150,000 tonne/year acetic acid plant at Bandar Imam in the second half of August after a shutdown in mid-July, a company official said on Monday.
The plant was taken off line due to mechanical problems at its upstream carbon monoxide (CO) unit, the official said.
"We shut the plant ten days ago and it will remain shut for one month," the official added.
The plant was restarted in early July following a two-month unplanned shutdown and had been operating at 80-90% capacity prior to the latest outage.
The firm had to cancel a sales tender for a spot acetic acid cargo as a result of the current shutdown, the official said.
The tender, issued in mid-July, had been finalised with an India-based customer at $425/tonne (€298/tonne) CFR (cost and freight), the official said.
Acetic acid spot prices in south Asia have fallen around 25% to $400-420/tonne CFR S (south) Asia on 24 July, down from six-month highs of $530-560/tonne CFR S Asia in April, due to weak demand and ample supply, according to global chemical market intelligence service ICIS pricing.
($1 = €0.70)For more on acetic acid visit ICIS chemical intelligence
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