16 July 2013 10:10 [Source: ICIS news]
SINGAPORE (ICIS)--Malaysia’s PETRONAS Chemicals Group (PCG) has shut its 1.7m tonne/year No 2 methanol plant in Labuan on Monday because of unspecified reasons, a company source said on Tuesday.
Its 660,000 tonne/year No 1 methanol unit at the site is currently running at around 50-70% of capacity, the source said.
Spot methanol availability in Asia is tight as another major facility in Brunei is currently shut, market sources said.
Brunei Methanol Co’s 850,000 tonne/year methanol plant at Sungai Liang Industrial Park has been shut since May and is due to be restarted in end-July.
Southeast Asian methanol prices are still currently the highest in the whole of Asia at $410-420/tonne (€316-323/tonne) CFR (cost and freight), according to ICIS.
($1 = €0.77)
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