Taiwan’s Formosa Petrochemical to suspend spot naphtha purchases
27 October 2011 10:17 [Source: ICIS news]
SINGAPORE (ICIS)--
The persistently poor demand from
The naphtha crack spread fell to $30.38/tonne (€21.87/tonne) versus the December Brent crude futures on 25 October, the lowest since 8 January 2009, according to ICIS data.
The oil markets in
FPCC normally purchases at least 300,000 tonnes of spot naphtha each month, but has not been buying material since August this year because of cracker shutdown issues, the traders said.
The producer has been operating its 700,000 tonne/year No 1 cracker, a 1.03m tonne/year No 2 cracker and a 1.2m tonne/year No 3 unit at 80% rates since last week.
FPCC has been running the No 3 cracker at 80% of its capacity following scheduled maintenance from mid-September to mid-October.
Earlier this month, FPCC began operating the No 1 naphtha cracker at 90% of its capacity and the No 2 cracker at full capacity.
($1 = €0.72)
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By: Felicia Loo
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