Energy Markets
Asian petchem makers face naphtha disruption as Iran conflict widens
The Middle East supply chain is buckling under the U.S. - Iran conflict. Tanker traffic in the Strait of Hormuz has been halted and buyers are bracing themselves for delays and increased costs. Two sources familiar with the situation said that Chandra Asri, an Indonesian company, declared force majeure for all contracts on Tuesday, while Maruzen Petrochemical, a Japanese company, and Mitsui Chemical of Japan cancelled the second half April import tenders. Both Japanese companies declined comment. Asia imports Middle East naphtha in the amount of 4 million metric tonnes (36 million barrels). Naphtha, a raw material used to make...