Aramco reduces September LPG by $20-25/tonne

03 September 2007 10:57  [Source: ICIS news]

LONDON (ICIS news)--Saudi Aramco has decreased liquefied petroleum gas (LPG) prices for September loading on strong supply and diminished demand, a source close to the company said on Monday.

Propane pricing was down $20/tonne (€27/tonne) on August levels at $560/tonne FOB (free on board) Ras Tanura, while Aramco lowered butane by $25/tonne to $580/tonne FOB Ras Tanura, both for September loading, the source said.

“We are tracking the market. The east is looking well supplied, and demand is fairly low so we have brought our September pricing in line with that,” the source said.

State-owned oil and gas producer Aramco produces 8.22bn cubic feet/day of natural gas, the majority of which is processed at its Ras Tanura refinery facility.

($1 = €0.73)

By: Peter Salisbury
+44 20 8652 3214

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