Formosa buys 2-3 cargoes of naphtha for November, after deferring 60,000 tons in Oct-Nov

15-Oct-12

Formosa Petrochemical Corp has bought two-three cargoes of naphtha feedstock for its 2.93 mln tpa cracker, which is currently running at reduced rates, as per Reuters. The cargoes are likely in medium-range vessel size and are scheduled for November arrival at Mailiao. Price details were not known but traders said several offers were given to Asia's top naphtha buyer. Formosa had previously deferred receiving at least 60,000 tons of naphtha in October-November after reducing run rates at its cracking complex in late September to 80 % capacity following a fire at a monoethylene glycol plant operated by its sister company Nan Ya Plastics. Formosa supplies some of its ethylene to Nan Ya Plastics.