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MEGlobal to supply only minimum contract volumes of MEG to Asian customers

Singapore — MEGlobal will immediately start supplying monoethylene glycol to Asian customers at minimum contract volumes for an unspecified period due to a supply shortage, the producer said in a note to clients Thursday.

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Implementation of the measures in the Asian region would include the Middle East, Turkey, India and Pakistan markets.

MEGlobal is a wholly-owned subsidiary of Kuwait's petrochemicals major Equate Petrochemical, which has MEG facilities at Shuaiba in Kuwait.

Equate will be conducting a major turnaround lasting 30-40 days at its "bigger unit" in Kuwait during the fourth quarter, which will result in a loss of MEG production of 70,000-100,000 mt, a company source said.

Equate's MEG capacity in Kuwait has a nameplate capacity of 1.2 million mt/year.

Adding to the supply woes is the aftermath of Hurricane Harvey on the US Gulf Coast, which has meant its US facilities have been closed, the company source added.

As a result, the MEG supply from MEGlobal will be significantly affected in the fourth quarter.

"In fact, our major supply partner in the USGC has declared force majeure to MEGlobal," the note said.

--Karen Ng,
--Edited by Jeremy Lovell,