31 October 2011 10:12 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec and PetroChina have cut their prices of naphtha for November deliveries from their refineries to their chemical units, company sources said on Monday.
Sinopec will reduce its ex-refinery price by yuan (CNY) 520/tonne ($82/tonne) to CNY6,580/tonne from 1 November, while PetroChina’s ex-refinery price will be CNY5,840/tonne, down by CNY527/tonne from October, according to the sources.
The new prices include tax.
The two companies primarily keep their naphtha resources for captive use. Extra stocks are sold in spot markets or when the two companies can enjoy better margins compared with processing the feedstock into chemicals, industry sources said.
($1 = CNY6.36)
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