03 August 2010 11:51 [Source: ICIS news]
LONDON (ICIS)--Repsol’s Sines cracker in Portugal restarted over the weekend and is producing on-spec ethylene (C2), a company source said on Tuesday.
"[It has] just begun to produce ethylene on spec. We're waiting for the confirmation to lift the force majeure,” the source said.
The 415,000 tonne/year ethylene cracker was forced to close following a fire in the complex’s terminal on 27 July.
The outage had been expected to last just a few days but the company declared force majeure on ethylene and pygas supplies on 29 July.
The cracker has the capacity to produce 200,000 tonnes/year of propylene, according to ICIS data.
Ethylene supply was tight in Europe as unplanned production problems and heat constraints took their toll amid healthy demand.
Spot prices were currently being pegged at around contract plus; the August contract recently settled at €940/tonne ($1,237/tonne) FD (free delivered) NWE (northwest Europe).
Conversely, propylene supply was balanced to long as derivative production problems have outweighed the cracker issues. Spot polymer grade prices were being assessed in the low €800s/tonne CIF (cost, insurance, freight) NWE. August propylene also settled at €940/tonne FD NWE.
($1 = €0.76)
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