12 May 2011 11:28 [Source: ICIS news]
SINGAPORE (ICIS)--Egypt's Oriental Petrochemicals Co (OPC) plans to shut its polypropylene (PP) facility in the second half of May, a company source said on Thursday.
The company, which is Egypt’s sole PP producer, did not specify the exact date, duration and the reason for the shutdown.
“The plant should be shut from 21 May,” a local market participant said, adding that the reason for the turnaround was because of a lack of upstream propylene.
Local PP supply is expected to tighten further, local market participants said.
OPC announced a $50/tonne (€35/tonne) increase of PP in the domestic market, equivalent to about Egyptian pound (£E) 300/tonne ($51/tonne) increment on PP raffia to £E12,600/tonne ex-factory, including a 10% tax.
Additional reporting by Nel Weddle and Stephanie Wilson
($1 = €0.70, $1 = £E5.94)
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