Markets in Asia react to the news that Formosa may lift force majeure on supplies soon

02-Sep-11
Gasoline cracks in Asia fell from over two-year highs on Thursday to reach a two-session low, on news that Taiwan's Formosa Petrochemical Corp may be able to lift force majeure on supplies soon if production rises smoothly, as per Reuters. Cracks and timespread came under pressure this week due to thin trades. Formosa’s refinery, which houses three crude distillation units (CDUs), will restart a second CDU this weekend, and a third CDU by H1- September at the 540,000 bpd plant which shut in end July following a fire at a propylene recovery unit. The first of three CDUs restarted around Aug. 19. If production runs smoothly, Formosa may be able to lift its force majeure on supplies within this month. It exports 210,000-240,000 tons of gasoline a month. The No. 1 naphtha cracker could be restarted by mid September after being shut since May 12 because of a pipeline fire.
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