Taiwan’s Formosa seeks 25,000-70,000t naphtha for H2 September

11 August 2010 11:19  [Source: ICIS news]

SINGAPORE (ICIS)--Taiwan’s Formosa Petrochemical Corp has tendered to buy 25,000-70,000 tonnes of naphtha for delivery in the second half of September, a trader familiar with the matter said on Wednesday.

The tender would close on Thursday, the trader added.

Formosa last bought by tender 30,000-50,000 tonnes of naphtha for delivery in the first half of September, at a discount of $5-7/tonne (€4-5/tonne) to Japan quotes CFR (cost & freight).

The company plans to shut its 1.03m tonne/year No 2 naphtha cracker in Mailiao for a 40-45 day turnaround from late September or early October. 

Formosa had earlier said that the maintenance shutdown at the No 2 cracker, which was scheduled to start late August, would likely be pushed back after a blast in early July shut down its 700,000 tonne/year No 1 naphtha cracker at the same site.

The No 1 cracker would likely be restarted in late September or early October, according to a company spokesperson.

The company also operates a 1.2m tonne/year No 3 naphtha cracker in Mailiao, Taiwan.

($1 = €0.76)

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By: Felicia Loo

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