Formosa Petrochemical likely to resume gasoil exports from H2-January

15-Dec-11

One of Asia’s biggest diesel exporters - Formosa Petrochemical Corp., is likely to resume gasoil exports from H2-January, as per a source in Reuters. 1-2 medium range-sized cargoes, or about 720,000 barrels of 500 ppm sulphur gasoil will comprise the company’s first exports after five months. Resumption of exports from Formosa after a gap of five months is expected to provide support to the diesel market. Diesel and gasoline exports supplies were halted after a fire at a propylene-recovery unit in July damaged some of its surrounding infrastructure. Spot exports of the cleaner fuel 10 ppm sulphur diesel are not expected to resume yet.