31 January 2013 14:53 [Source: ICIS news]
LONDON (ICIS)--Venezuela-based producer Pralca plans on despatching 4,000 tonnes of monoethylene glycol (MEG) to Europe at the end of February, once production is running normally following a force majeure, a company source said on Thursday.
"The force majeure will be lifted as soon as we have regular production," he wrote in Spanish during an email conversation.
The US market is likely to remain firm and tight in the first quarter because of plant shutdowns. The European market is also firming and is still waiting for a second MEG February contract settlement following an initial agreement at €1,105/tonne ($1,493/tonne), up by €37/tonne from January.
Pralca is a subsidiary of Venezuela’s state-owned PEQUIVEN. The plant is located in Santa Rita, in western Venezuela on Lake Maracaibo.
($1 = €0.74)
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