China’s Sinopec, PetroChina cut December naphtha prices

01 December 2011 07:09  [Source: ICIS news]

SINGAPORE (ICIS)--China’s Sinopec and PetroChina have lowered their prices of naphtha for December delivery from their refineries to their chemical units, company sources said on Thursday.

Sinopec reduced its ex-refinery price of naphtha by yuan (CNY) 110/tonne ($17/tonne) to CNY6,480/tonne, inclusive of tax, on 1 December, while PetroChina’s ex-refinery price of December naphtha is at CNY5,697/tonne , inclusive of tax, down by CNY143/tonne from November, according to the sources.

The two companies primarily keep their naphtha output for captive use.

Excess stock is sold to the spot market or when the two companies can enjoy better margins compared with processing the feedstock into chemicals, industry sources said.

($1 = CNY6.38)

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By: Vivian Ma
+65 6780 4359

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