03 May 2012 04:24 [Source: ICIS news]
PetroChina cut its naphtha price by CNY268/tonne to CNY6,643/tonne ex-refinery, while Sinopec implemented a bigger cut of CNY290/tonne to CNY7,650/tonne ex-refinery, effective 1 May, the sources said.
Sinopec and PetroChina primarily keep their naphtha resources for captive use, with extra stocks sold in the spot markets.
The companies also sell to the spot market when it offers better margins compared with processing the feedstock into chemicals, industry sources said.
($1 = CNY6.31)
Vivien Ma contributed to this article
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