Sibur concludes its first exchange-based LPG contract

28 May 2010 11:02  [Source: ICIS news]

MOSCOW (ICIS news)--Sibur has concluded its first contract to sell 33 tonnes of liquefied petroleum gas (LPG) on Russia’s Interregional Oil and Gas Exchange (MBNK), the company said in a statement on Friday.

Trading LPG on the Russia-based exchange would make the domestic market more transparent and create a reliable indicator of LPG prices, Sibur said.

Last year, Sibur produced 3.35m tonnes of LPG, up 7.3% year on year, but the company indicated that domestic supply had exceeded demand.

Earlier this week, Sibur announced that it had started construction of a new port to export 1.5m tonnes/year of LPG and 2.5m tonnes/year of light oil products to western Europe.

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By: Sergei Blagov
+44 20 8652 3214

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