Petro Rabigh issues tender to sell March loading ethylene-traders

26 February 2010 04:35  [Source: ICIS news]

SINGAPORE (ICIS news)--Rabigh Refining and Petrochemical Co (Petro Rabigh) has issued a tender to sell 5,000 tonnes of ethylene for mid-March loading, traders said on Friday.

The tender was expected to close by the end of the month, they said.

Rabigh had exported ethylene for February and March loading amid low running rates at its 600,000 tonne/year linear low density polyethylene (LLDPE) plant in the area due to technical issues and a butene shortage, traders said. The company runs a 1.3 m tonne/year cracker in Rabigh.

Company officials were not immediately available for comment.

The influx of cargoes from the Middle East had driven ethylene prices below $1,300/tonne (€962/tonne) CFR (cost and freight) southeast (SE) Asia this week. Two deals were reported at $1,200/tonne and $1,280/tonne CFR SE Asia respectively for arrival ranging from early March to early April, market players said.

Petro Rabigh is a joint venture between state-owned oil giant Saudi Aramco and Japan's Sumitomo Chemicals.

($1 = €0.74)

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By: Peh Soo Hwee
+65 6780 4359

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