Lyondell Texas methanol plant allocation extended into July

23 June 2010 18:34  [Source: ICIS news]

HOUSTON (ICIS news)--LyondellBasell subsidiary Millennium Petrochemical's 40% sales allocation at its Texas methanol plant has been extended into July, traders said on Wednesday.

Officials at Millennium and LyondellBasell did not immediately respond to calls regarding the status of the plant in LaPorte, Texas.

Earlier this month, the company put the unit on allocation due to what traders said were production problems.

Market sources said then that, because most of the methanol produced at the 600,000 tonne/year plant is used internally by Millennium, it should not affect methanol prices.

Millennium also produces downstream products acetic acid and vinyl acetate monomer (VAM).

US Gulf methanol spot prices have jumped more than 30% in the past month since the early May shutdown of the 1.7m tonne/year Atlas methanol plant in Trinidad.

Majority owner Methanex said last week the plant restart was underway.

The June US methanol contract barge range was assessed by ICIS pricing at 105-107 cents/gal, up from 99-100 cents/gal for May.

($1 = €0.81)

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By: Lane Kelley
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