13 July 2011 04:14 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwan’s Nan Ya Plastics is operating its 360,000 tonne/year No 2 monoethylene glycol (MEG) unit at a rate of 70-80% after it was restarted on 11 July, a company source said on Wednesday.
The company’s No 1 MEG unit, with a capacity of 360,000 tonnes/year, is also running at the same rate after it was restarted on 6 July, the source added.
The source said that the company will be committing to 50% of its contract supply in July.
Nan Ya's No 1 and No 2 MEG units were shut down after a fire hit the Formosa group’s petrochemical complex on 12 May.
Its 360,000 tonne/year No 3 MEG unit and 720,000 tonne/year No 4 unit were shut down for safety checks from 13 June and 16 June, respectively, and the specific dates for their restart are still unknown, the source added.
Market sources said the company may restart its No 3 and No 4 units by the end of this month.
Asia MEG prices slipped sharply by $20-25/tonne (€14-18/tonne) to $1,160-1,165/tonne CFR (cost & freight) China Main Port on Tuesday, according to ICIS data, amid weak buying appetite after Nan Ya restarted its two units.
Nan Ya Plastics is a subsidiary of the Formosa group.
($1 = €0.71)
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