Oman methanol outage pushes up Europe February price ideas

28 January 2011 15:11  [Source: ICIS news]

LONDON (ICIS)--The unplanned closure of Oman-based Salalah Methanol's 1.3m tonne/year methanol plant in Salalah, Oman, on Thursday has pushed Europe February price ideas up by €6–7/tonne ($8–10/tonne), market sources said on Friday.

Bids and offers for February material were at €249–253/tonne FOB (free on board) Rotterdam, on Wednesday, but climbed to €255–260/tonne FOB Rotterdam by Friday afternoon, following the plant’s closure on Thursday morning.

The cause of the problem was not yet known and there was no indication of how long the plant would be off line.

“[Salalah Methanol] shut it down in a controlled way…. Now it’s cooling down and as soon as possible, or maybe even now, they will investigate the problem,” said a source at the plant’s European marketer, the European trading firm Vitol.

$1=€0.73

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By: Ross Yeo
+44 208 652 3214



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