29 March 2011 04:18 [Source: ICIS news]
SINGAPORE (ICIS)--Philippine-based Cocochem has restarted its 36,000 tonne per year fatty alcohol plant after a 10-month closure, a company source said on Tuesday.
“We have finally re-started our plant but we are not offering any cargoes for the spot market,... rather we are servicing only our existing contracts”, the company source said.
The 36,000 tonne per year fatty alcohol plant was taken off line in May last year and was officially restarted in the middle of March this year making it a 10-month long closure.
The plant was due to start up in October 2010 but was delayed due to ongoing technical issues. These were finally resolved at the end of February, allowing the plant to restart in March.While the company said it was not running the plant at full capacity the company source declined to divulge exact operating rates.
Market sources said that Cocochem may be running the plant at 50% capacity becaue of shortage of feedstock crude coconut oil (CNO).
However, the company source declined to comment.
CNO prices were currently trading at $1,840/tonne (€1,307/tonne) CIF (cost insurance & freight) Rotterdam at close of trade on Monday.
($1 = €0.71)
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