01 February 2011 10:20 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwan's Formosa Petrochemical Corp (FPCC) plans to shut the olefins conversion unit (OCU) unit at its 540,000 bbl/day refinery in Mailiao for a turnaround in March, said a company source on Tuesday.
The OCU would be shut from 1 March to 29 April, he added.
Upcoming turnarounds at naphtha crackers and propylene facilities in Asia are expected to tighten olefins supply. Some traders said they were targeting propylene sales at above $1,400/tonne (€1,022/tonne) CFR (cost and freight) northeast (NE) Asia after the Lunar New Year holidays.
Propylene spot prices were assessed at $1,370-1,380/tonne CFR NE Asia last week, according to data from ICIS.
($1 = €0.73)
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