InfoAnda - Taiwan Formosa to delay exports, boost safety checks

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Taiwan Formosa to delay exports, boost safety checks Reuters - 2 hours 21 minutes ago Send IM Story Print * Talking with suppliers on deferment of crude imports * Formosa scrutinising safety at all group's plants in Taiwan * Weekly refinery inspection, instead of monthly SINGAPORE/TAIPEI, July 28 - Taiwan's Formosa Petrochemicals Corp will defer several export cargoes of gasoline and diesel from end-August and is in talks to delay several crude import parcels, after a fire forced the closure of its refinery, its spokesman said on Wednesday. No exact timeframe for the delays can be given now, he told Reuters via telephone. "The cargoes will likely be delayed from a few days to more than several days. But we will try as best as we could to supply to customers who have already chartered vessels to lift the cargoes," he said. Formosa <6505.TW> exports 210,000-240,000 tonnes of term and spot gasoline cargoes a month and has contracts with trading firms and Vietnam's state oil importer Petrolimex. "Some cargoes may be affected, and we are still checking the status," said one of its term buyers. "As a result, we have not decided what our plans are, as nothing is confirmed at a the moment." Privately run Formosa exports 800,000 tonnes of diesel a month, nearly four times the gasoline volumes. "The impact will surely be more significant in the distillates market," said a Singapore-based trader. But so far gas oil cracks have shown resistance to the news, falling by 42 cents to $12.11 a barrel in early trade on Wednesday, versus $12.53 at the previous day's close. The company is also in discussions with suppliers to delay the arrival of several crude oil import cargoes, or to waive taking delivery of some of the supplies. "We need the suppliers to agree," the spokesman said. "It is not our policy to declare force majeure on supplies," he added referring to both imports of crude and exports of oil products. A force majeure exempts the contracting parties from fulfilling their contractual obligations for causes that could not be anticipated or are beyond their control. CRUDE FROM MIDDLE EAST Formosa imports an average of seven to eight Very Large Crude Carriers a month and 90 percent of the crude are from the Middle East. It has term contracts with major Gulf producers except Oman and Qatar. One VLCC normally carries 2 million barrels of crude. It also imports less than 1 percent of crude from West Africa for the whole year from the spot market. Shares of Formosa rose 1.8 percent on Wednesday, after falling for most of this week after the fire. Taiwan's main index <.TWII> gained 0.4 percent. Taiwan's Formosa Group also said on Wednesday it had set up a special team to ensure public safety after the fire closed its 540,000 barrel-per-day giant refinery complex in Mailiao on Monday. The management team, reeling from its third major incident this year, will look after safety at all the group's plants in Taiwan, local media reported. Taiwan Premier Wu Den-yih said the cabinet had sent four agencies to check the site as nearby residents call for more action and Taiwan's main opposition party accuses the government of a slow response. The island's Council of Labor Affairs said it would inspect the refinery complex, Asia's fifth largest, every week instead of monthly. It was unclear whether those moves would delay a reopening of the unit that burned in the fire that broke out on Sunday and was extinguished on Tuesday. The fire at a residue desulphurisation unit is expected to cost Formosa Petrochemicals T$500 million in losses, the firm had said. The damaged desulphurisation unit may be shut for two to three months, county officials had said, but Formosa expects two-thirds of the refinery to restart within a week. (Reporting by Seng Li Peng, additional reporting by Judy Hua, Alejandro Barbajosa and Francis Kan in SINGAPORE and Ralph Jennings in Taipei; Editing by Ramthan Hussain) Recommend Send IM Story Print Related Articles San Miguel stock surges on dividend, fund raising Reuters - 26 minutes ago High-speed rail to benefit China, at a cost -World Bank Reuters - 27 minutes ago India pledges millions in credit to Myanmar regime AFP - 27 minutes ago Piramal Glass plans to sell land for 300-400 mln rupees Reuters - 28 minutes ago Piramal Glass April-June net at 165.1 mln rupees Reuters - 31 minutes ago News Search Top Stories Fuel crisis as Greek truckers step up strike Alcohol eases rheumatoid arthritis: study US faces prolonged sluggish growth prospects Ansel Adams garage sale photos worth USD200m Argentine students crack three-decade-old murder mystery More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended World's first full face transplant man appears on TV Oracle's Ellison highest paid CEO of the decade Argentine students crack three-decade-old murder mystery Quark by quark, atom smasher closing in on 'God particle' Europe clears huge US airline merger More Most Viewed » Parachuting donkey shocks Russian beachgoers Paris Hilton caught with cannabis in handbag World's first full face transplant man appears on TV Quark by quark, atom smasher closing in on 'God particle' More Most Recommended » Elsewhere on Yahoo! 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