Force majeure at Taiwan’s Formosa Petrochemical Corp.

Formosa Petrochemical Corp. of Taiwan will halt operations after a weekend fire forced the company to declare a force majeure on diesel fuel, gasoline and fuel oil exports. It is not known how long the closure will continue. The company normally exports approximately 800,000 tons of term and spot diesel each month. Formosa also exports between 210,000 and 240,000 tons of gasoline monthly. It is expected that gasoline exports will be reduced due to a scheduled maintenance at the company’s gasoline making unit this month. The origin of the fire remains unknown. (August 1, 2011)