30 July 2010 10:37 [Source: ICIS news]
(adds comments from traders)
SINGAPORE (ICIS)--Taiwan’s Formosa Petrochemical Corp (FPC) is likely to restart its 700,000 tonne/year No 1 cracker in Mailiao in late September/early October, after a blast in early July shut down the plant, a company spokesperson said on Friday.
As for the 1.03m tonne/year No 2 cracker at the same site, “it’s very likely that the scheduled maintenance will be postponed", ?xml:namespace>
"It’s not mandatory to shut the cracker in August,” he said.
At this juncture,
“If the turnaround of cracker No 2 were to be postponed, this will be bullish news for the market,” said a trader in
On signs of an improving market, the spread between first-half September and October contracts narrowed to -50 cents/tonne on Friday from -$6/tonne on the previous week, ICIS data showed.
The refinery houses three 180,000bbl/day crude units.
“We have restarted a crude unit. There is no output yet,” Lin said, adding that another 180,000bbl/day crude unit in Mailiao would be restarted next week.
The company would also restart its two 84,000bbl/day residual fluid catalytic crackers and an unaffected 80,000bbl/day desulphuriser at the site, Lin said.
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