Japan's Idemitsu eyes maintenance at Chiba OCU joint venture

28 January 2010 07:23  [Source: ICIS news]

SINGAPORE (ICIS news)--Japanese refiner Idemitsu Kosan could shut its olefins conversion unit (OCU) in Ichihara, Chiba prefecture, for maintenance this year, a company official said on Thursday.

The shutdown dates have yet to be finalised, the official said.

Market sources said the turnaround could take place in the first half of the year.

The OCU, which can produce 150,000 tonnes/year of propylene, is 50% owned by Idemitsu while Mitsui Chemicals and Sumitomo Chemical  have a 25% stake each.

It was too early to say what would be the impact of the turnaround on propylene prices in Asia, market sources said.

Propylene prices softened early this week, with offers/selling ideas at $1,250/tonne (€887.5/tonne) CFR (cost and freight) northeast Asia while buying ideas were lower at $1,150-1,180/tonne CFR NE Asia, they added.

($1 = €0.71)

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By: Peh Soo Hwee
+65 6780 4359

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