Mitsui Chemicals cuts output with other Japanese companies amid Iran crisis
Japanese chemical company Mitsui Chemicals has started to cut ethylene production in Japan amid the Iran war, which has reduced the company's feedstock supply because the Strait of Hormuz is blocked, the company said.
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Mitsui Chemicals started to cut production from this week at its facilities in Osaka and in Ichihara in Chiba, north of Tokyo, due to an expected drop in naphtha supplies from the Middle East.
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Sumitomo Chemical Asia said it issued a force majeure notice this week for methyl methacrylate production after its feedstocks supplier, Singapore petrochemical firm PCS declared force majeure on shipments, as the Middle East war has disrupted maritime transportation and supply chains.
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Mitsubishi Chemical 4188.T on Monday started to cut ethylene production at its plant in Ibaraki, north of Tokyo, the company said.
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Japan relies on the Middle East for around 95% of its oil supply and may consider using emergency oil stockpiles, one of the world's largest, in coordination with other G7 nations, to soften the Iran's war supply disruption impact to the markets.
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Taiwan's Formosa Petrochemical Corp (FPCC) also issued a force majeure notice on some petrochemical supplies, including ethylene and propylene.
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