The Alkylate premium seems inline as post blend octane component – but it could have lot higher value if it was blended in the whole refinery blend pool instead of afterward as octane booster (think todays LP predict alky synergy that they didnt in past which was mostly trial & error basis).
Formosa is probably able to do this because lot of gasoline components go to integrated chemical plant as domestic feedstock instead of having to try export as finished gasoline (even though it appears they have the option) which frees up akylate as premium sales product?
As past Refinery Intermediate feedstock trader it looks like there might be opportunity for US plants using Akylate as blend component for US gasoline (depending on freight cost). Although it still runs into an age old problem of backing out crude barrels. But …. during summer need for peak volumes gasoline & currnet crude prices at fear spiked values which yield low margins – it has good chance.
This may not be ongoing basis even though its listed as term – but since Formosa refinery is inside a Petrochemical plant odds are it could be stable opportunity.