29 August 2011 08:36 [Source: ICIS news]
Saudi Aramco cut its propane selling price by 5.4% from August to $790/tonne (€545/tonne) FOB (free on board). It reduced its butane price by 2.3% from August to $865/tonne FOB. Both prices are for cargoes loading in September.
Benchmark WTI futures closed on 26 August at $85.37/bbl, compared with $95.70/bbl on 29 July. The producer's August LPG contract price was announced on 31 July at $835/tonne FOB for propane and at $885/tonne FOB for butane. The prices apply to Saudi Aramco’s long-term contract customers.
Based at Dhahran in Saudi Arabia, the producer is a major liquefied petroleum gas (LPG) supplier to Asia.
LPG, a heating and cooking gas, is also used by olefins producers as a substitute for naphtha.
($1 = €0.69)
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