Daily loss of US$2.87 million being incurred by Formosa Petrochemical Corp on refinery shutdown

05-Aug-11
Taiwan's privately owned refiner Formosa Petrochemical Corp is incurring an estimated cost of about T$83 million (US$2.87 mln) each day that its 540,000 bpd Mailiao refinery remains shut, as per Platts. Taiwan's government ordered Formosa to shut all units at its refinery and petrochemical complex in stages over one year for safety checks after a fire hit a propylene recovery unit Saturday -- its second fire in a week and the seventh blaze in a year. Formosa's initial estimates put the property damage from Saturday's fire at approximately T$187 million (US$6.47 mln). FPC has also this week declared force majeure on its crude liftings in August and on its products exports for August.
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