24 March 2011 05:00 [Source: ICIS news]
GUANGZHOU (ICIS)--China’s Fujian Refining & Petrochemical (FREP), a joint-venture between Sinopec, ExxonMobil and Saudi Aramco, is selling ethylene in the spot market because of high inventories, a company source said on Thursday.
“But this is a temporary move for destocking only and we normally keep ethylene output for internal use,” said a sales manager of the company.
A 2,900 tonne cargo was diverted to South Korea, the source said, adding that he did not know who the buyer was.
“We have stocks and South Korea needs China’s resources to replace Japan’s,” he said in Mandarin.
The 11 March earthquake and tsunami have disrupted Japanese petrochemical supplies.
“The polyolefin market, in particular PE, is quite soft at present and prices are weakening amid oversupply,” the source said.
The source added that FREP’s cracker and derivative plants were running at 80-90%.
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