Taiwan’s Formosa H1 May naphtha buying up on high cracking rate

08 April 2011 04:33  [Source: ICIS news]

SINGAPORE (ICIS)--Taiwan’s Formosa Petrochemical Corp (FPCC) has bought an additional 75,000 tonnes of spot naphtha for delivery into Mailiao in the first half of May, amid high cracker operating rates, a source close to the company said on Friday.

Its three Mailiao-based crackers, which use naphtha as feedstock with a combined nameplate capacity of 2.93m tonne/year, are running at 95-100%, he added.

The latest spot deal was done at $3.50-4.00/tonne (€2.45-2.80/tonne) to Japan quotes CFR (cost and freight), the source said.

Moreover, there was some term naphtha cargo delay in nomination, prompting the company to source more supplies, he said.

In its previous spot purchase, Formosa bought 150,000 tonnes of spot naphtha for delivery into Mailiao in the first-half of May, with the supplies traded at a premium of $3.50-4.50/tonne to Japan quotes CFR.

($1 = €0.70)

For more on naphtha/ethylene, visit ICIS chemical intelligence

By: Felicia Loo

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