07 January 2014 07:39 [Source: ICIS news]
SINGAPORE (ICIS)--Brunei Methanol Co (BMC) hopes to resume production at its 850,000 tonne/year methanol plant in Sungai Liang Industrial Park in the second half of January, a company source said on Tuesday.
The methanol plant was taken off line in May 2013 for scheduled maintenance, and the restart has been delayed.
BMC decided that more time was needed for maintenance, the source added.
Some end-users were worried about regional methanol supplies, given that none of the plants of PETRONAS, BMC, Kaltim Methanol Industri in southeast Asia were operating.
Enquiries for late January arrival methanol cargoes were heard, with bidders not citing a firm bid, but adopting a keen attitude for price negotiation if there was any available cargo.
“I can only say my buying idea now is within publication levels,” a potential buyer said.
Southeast Asia methanol prices were assessed at $570-590/tonne (€416-431/tonne) CFR (cost & freight) SE (southeast) Asia on 6 January.
BMC is a joint venture of Japanese company Mitsubishi Gas Chemical (50%), Japan’s trading company ITOCHU Corp (25%) and state-owned oil firm Petroleum Brunei (25%).
($1 = €0.73)
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