20 January 2010 04:54 [Source: ICIS news]
SINGAPORE (ICIS news)--Taiwanese state-owned cracker operator Chinese Petroleum Corp (CPC) has increased operating rates at its three crackers to 90-95% on robust ethylene margins, an industry source said on Wednesday.
Operating rates at the plants were around 85-90% in late December, the source added.
“The (naphtha) market is driven up by ethylene, so the crackers are running at higher rates of close to 95%,” said the source who insisted on anonymity.
Asian ethylene spot prices were pegged at a firm $1,280-1,320/tonne (€896-924/tonne) CFR (cost and freight) NE (north east) ?xml:namespace>
CPC had floated a tender to buy at least 30,000 tonnes of heavy naphtha for March delivery amid high operating rates.
Its biggest cracker with 500,000 tonne/year capacity, is located in
($1 = €0.70)
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