07 July 2010 10:47 [Source: ICIS news]
SINGAPORE (ICIS news)--Taiwan's Formosa Petrochemical Corp (FPC) is considering to push back the scheduled August turnaround at its 1.03m tonne/year No 2 cracker in Mailiao, after an explosion on Wednesday shut down its 700,000 tonne/year No 1 cracker at the site, a company official said.
“We are evaluating to postpone the shutdown of our No 2 cracker,” said Lin Ke Yan of ?xml:namespace>
No one was injured at the explosion at FPC’s Mailiao site which occurred around noon on 7 July, a company official told ICIS news.
News of the explosion sent Asian naphtha inter-month price spreads tumbling, traders said.
The spread between second-half August and second-half September contracts widened to a discount of $3/tonne from $2/tonne on Tuesday, according to ICIS data.
“The impact will be huge. Already, the naphtha market is facing huge pressure from surplus,” a trader said.
With additional reporting from Felicia Loo and Steve Tan
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