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Formosa Says No. 2 Naphtha Cracker to Resume Production Tomorrow

Formosa Petrochemical Corp. said it will resume production tomorrow at its No. 2 naphtha cracker at Mailiao, Taiwan.

Formosa, which shut the unit on June 20 because of a power failure, plans to feed naphtha into the plant on June 29 and expects chemical products to come out by tomorrow evening, President Tsao Mihn said by telephone from Taipei. The cracker resumed mechanical operations on June 26, he said.

Taiwan’s only publicly traded refiner plans to start the halted No. 3 naphtha cracker in early July, Tsao said.

Formosa Plastics Group, the parent company of the refiner, expects sales to fall by NT$9 billion ($301 million) after it was forced to shut 42 of 66 plants at the Mailiao production site because of the power outage, the group said June 21.

Benchmark prices of naphtha in Asia traded at a premium of $47.32 a metric ton to Brent crude futures today, according to data compiled by Bloomberg News. The premium has more than doubled from $21.94 a ton on June 26.

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