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Petrochemicals

Indonesia's Polychem to shut 96,000 mt/year monoethylene glycol line due to poor margins

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Indonesia's Polychem to shut 96,000 mt/year monoethylene glycol line due to poor margins

Singapore — Polychem Indonesia plans to shut its 96,000 mt/year monoethylene glycol line at Serang in Java next week, without a confirmed restart timeline, in response to poor margins, a company source said Tuesday.

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The company purchases ethylene to produce MEG. The profit margin for Asian ethylene-based MEG producers was calculated at minus $187/mt Monday, after averaging at minus $235/mt in February.

It margin is calculated as the MEG CFR China price minus the CFR Northeast Asian ethylene price multiplied by 0.605 and deducting additional operating costs of around $150/mt.

The company has another 145,000 mt/year MEG line at Serang that is currently running well, the source added.

--Miranda Zhang, miranda.zhang@spglobal.com

--Edited by Wendy Wells, wendy.wells@spglobal.com

Asia petrochemical outlook H1 2019

With a surge in new production capacities across China, the US-China trade tensions, and volatile upstream markets, 2019 is set to be full of challenges for those in the petrochemicals space. This report looks at the key themes expected to shape key Asian petrochemical markets.

Download the report