11 March 2011 10:34 [Source: ICIS news]
(adds port closures and details throughout)
By Pearl Bantillo
SINGAPORE (ICIS)--A massive earthquake - the largest to hit ?xml:namespace>
At least 10 people were killed based on the latest media reports, with the death toll expected to rise as
The quake struck
USGS earlier put the magnitude of the quake on the Richter scale at 7.9 but revised it up to 8.8, then to 8.9.
Countries in the Pacific basin including the
JX Nippon Oil & Energy shut its paraxylene facilities in Kashima, with a combined capacity of 600,000 tonnes/year and in
Meanwhile, a source close to the company said that three of JX Nippon Oil’s refineries were down - a 145,000 bbl/day unit at Sendai in Miyagi prefecture, a 189,000 bbl/day crude oil refinery at Kashima in Ibaraki prefecture and a 270,000 bbl/day unit at Negishi, Kanagawa prefecture.
The quake and the tsunami that followed downed phone lines and caused power outage in parts of
“It [quake] is a big one this time and quite bad. We don’t know the extent of the damage yet and will have to wait and see. But all petrochemical plants will obviously have to stop operating,” said a trader from Marubeni.
Tokyo Electric Power also shut down its Fukushima Daiichi Nuclear Power Plant (NPP) reactors with capacities of 460 megawatts and 784 megawatts. It also shut its Fukushima Daini reactors with a combined capacity 1.1-gigawatt reactors because of the quake.
Crude and naphtha prices also fell as
At 09:40 GMT, light sweet crude for April delivery was down 66 US cents at $102.04/bbl, while Brent crude fell $1.52/bbl to $113.91/bbl.
Naphtha prices, meanwhile, plunged below $1,000/tonne (€730/tonne) to $989-991/tonne CFR Japan at the close of trading on Friday, on concerns that cracker operations in
($1 = €0.73)
Additional reporting by Mahua Chakravarty, Clive Ong, Helen Yan, Felicia Loo, Bohan Loh, James Dennis, Tahir Ikram, Nurluqman Suratman, Becky Zhang and Peh Soo Hwee
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