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It is reported that a fire broke out at Indian Oil Corporation Ltd’s PE plant this morning, however, no casualties reported. The HDPE/LLDPE swing unit produces 350,000 tons/year was under maintenance shutdown at the time the incident occurred.

Market sources familiar with the matter commented, “Initial restart schedule was during end of July. However, the shutdown might need to extent another one month before the plant could completely resume production. Local market therefore might experience some tightness in the near term.”