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Formosa may shut down No-2 olefin plant as per plan
02
Aug '10
According to reports, emanating from Taiwan "Economic Daily", Formosa Petrochemical Corp is planning to undertake maintenance shutdown of the No-2 olefin plant as per schedule.

This decision has been taken on the recommendation of the Labor Safety Inspection Unit and also despite the fact that the No-1 olefin plant is already shut down due to a fire which took place in the plant a few days ago.

The news has stimulated the spot price of Asian propylene to grow by US $30 per ton or about 3 percent, and has also helped drive the downstream derivatives market higher.

Ethylene, after being in a decline for the last 12 weeks, has now slowly stabilized and seems to be in the stages of a rebound.

The production capacity of the Formosa No-1 olefin plant is 700,000 tons of ethylene per annum and that of No-2 is 1.03 million tons of ethylene per year. The company had earlier decided to postpone the shutdown of the No-2 plant.

As the two ethylene production plants account for 60 percent of total ethylene production capacity of Formosa Petrochemical, suspension of production is bound to bring about ethylene shortage in the market.

Fibre2fashion News Desk

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