Taiwan's Formosa buys 100,000-120,000T naphtha for H2 Feb-trade

14 January 2010 09:41  [Source: ICIS news]

SINGAPORE (ICIS news)--Taiwan’s Formosa Petrochemical Corp (FPC) has bought 100,000-120,000 tonnes of open spec naphtha for delivery in second-half February, which would further squeeze regional supply at the time, traders said on Thursday.

The refiner bought the spot cargoes from four companies, at a premium of $12.60-17.00/tonne (€8.69-11.73/tonne) to Japan CFR (cost and freight) quotes, for delivery next month, they said.

Asia’s inter month spread between second-half February and first-half March contract held steady at a firm $11/tonne in backwardation, while benchmark naphtha crack spread steadied at $163.25/tonne versus Brent crude futures.

Formosa operated its three naphtha crackers at Mailiao at reduced rates of around 90% due to shortage of feedstock naphtha, ICIS news reported last week.

($1=€0.69)

Please visit the complete ICIS plants and projects database
To discuss issues facing the chemical industry go to ICIS connect

By: Felicia Loo

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly