09 January 2010 15:10 [Source: ICIS news]
LONDON (ICIS news)--INEOS Olefins & Polymers Europe has declared force majeure on linear low density polyethylene (LLDPE) C6 grades at its 320,000 tonne/year Grangemouth site following an unplanned closure at the end of 2009, a company source said on Friday.
Production from the LLDPE plant was interrupted over the Christmas period by a technical issue linked to the main reactor.
“INEOS will work to resolve this issue as quickly as possible, consistent with safe and prudent operating practice. The company expects the unit will remain closed for around two weeks,” the company said in a statement.
It added that in the meantime INEOS would continue to work with customers to assist them in sourcing and securing alternative supplies.
“We want to get the whole things sorted out as quickly as possible,” added the source.
Polyethylene (PE) business was only beginning to be discussed for January but a clear upward trend had emerged as naphtha prices soared and product availability was tight.
Spot LLDPE C4 prices were trading around €1,000/tonne ($1,430/tonne) FD (free delivered) NWE (northwest ?xml:namespace>
($1 = €0.70)
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