04 December 2012 15:45 [Source: ICIS news]
SINGAPORE (ICIS)--Oman's Octal expects to restart one of its four polyethylene terephthalate (PET) lines, which has been shut for repair and maintenance, by mid-December, a company source said on Tuesday.
"One of our four PET lines at Salalah, Oman, has been shut since last week to conduct repair and maintenance," the company source said.
"The company will continue to honour its commitments to supply all its customers," he said. Both contract and spot commitments would be honoured, and there would be absolutely no disruption in the supply of December cargoes, he added.
The source declined to disclose which of the four lines is shut.
Following an expansion in August, Octal’s PET capacity has increased to 927,000 tonnes/year from 400,000 tonnes/year, making it the world’s largest PET producer.
Buying sentiment for PET in the Middle East market has turned tepid with the onset of winter, which is traditionally a low season for PET demand.
However, snug supply caused prices to rise by $10-20/tonne (€week on week in the week ended 29 November, to $1,430-1,470/tonne (€1,101-1,132/tonne) CFR (cost and freight) GCC (Gulf Cooperation Council).
($1 = €0.77)
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