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Formosa Plastics may face additional closures and output losses

May 31/2011

(Dow Jones)--Formosa Plastics Group said Monday they may face additional closures and output losses at the Mailiao petrochemical complex in southern Taiwan, after a county government ordered several facilities there to be shuttered from June 1 on safety and pollution counts following two fires earlier in May.

Formosa Plastics Corp., the flagship company of the group, said it plans to appeal the government's order, which didn't specify how long the suspension would last. Some of the facilities operated by the group's Nan Ya Plastics Corp. unit are still running, but Formosa Plastics' polyvinyl chloride plant and Formosa Petrochemical Corp.'s No. 1 naphtha cracker have been closed since the fire, the companies said.

While the extent of the closures and output losses remain unknown, Formosa Petrochemical has already deferred most of its naphtha cargoes for June to the following month, traders said earlier.

A person close to the company said Monday that the company may restart its naphtha cracker early July, but that it might not be able to do so if operations at too many downstream plants remain suspended.

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