30 January 2007 06:49 [Source: ICIS news]
"Very few people project oil will return to $20-30/bbl," said Robert Bauman, vice president at Nexant ChemSystems said at the 2nd ICIS Asian Olefins Conference in Shanghai.
Amid the volatility in crude oil prices, a key traditional petrochemical feedstock, coal prices remained relatively flat, Bauman said.
US oil remained above $50/bbl on Wednesday, sustained by cold weather in northeastern US.
China has invested heavily in coal-to-chemicals technology given rising crude oil prices and increased demand for oil within the country, Bauman said.
The country has the world’s third largest coal reserves at 126bn tonnes but it lacked ethylene supply and oil resources, he added.
The two-day conference ends on Tuesday.
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