28 October 2010 05:47 [Source: ICIS news]
SINGAPORE (ICIS)--Sinopec Zhenhai Refining & Chemical Co (ZRCC) has delayed a shutdown at its monoethylene glycol (MEG) unit in Ningbo, China, from end October to early November, a source at parent company Sinopec said on Thursday.
The one-week shutdown at the 650,000 tonne/year plant was planned in line with minor maintenance work at ZRCC’s upstream 1m tonne/year cracker, which had also been postponed, the source said, adding that the company had not fixed an exact date for the shutdown.
“The problem at the cracker is not that serious, so it won’t have an impact on normal operations,” the source said.
Meanwhile, the operating rate of the cracker was still high, at close to 100% in October, a source close to the company said.
The recent healthy margins from ethylene derivatives, including MEG, styrene (SM), and polyethylene (PE), was the main reason behind Sinopec’s decision to delay the shutdowns, said the company source.
Chinese domestic MEG prices remained high at yuan (CNY) 7,630–7,650/tonne ($1,141–1,143/tonne) ex-tank on Wednesday’s close, up by CNY550–580/tonne or 8% from last month, ICIS data showed.
($1 = CNY6.69)
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