10 December 2012 09:45 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Ningbo Heyuan Chemical will delay the start-up of its 500,000 tonne/year monoethylene glycol (MEG) plant at Zhejiang province to late January from the end of December, a company source said on Monday.
The start-up schedule of MEG plant has to be delayed because the company’s methanol-to-olefin (MTO) plant is still undergoing the debugging process and will not produce ethylene on time, the source added.
“We will try to purchase ethylene in the spot market to produce MEG,” the source said.
Ethylene prices in Asia were assessed at $1,200-1,250/tonne (€936-975/tonne) CFR (cost & freight) northeast (NE) Asia on 7 December, so the cost of producing MEG was at $870-900/tonne, according to Chemease, an ICIS service in China. Meanwhile, MEG prices were assessed at $1,095-1,105/tonne on the same day.
($1 = €0.78)
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