30 August 2012 09:28 [Source: ICIS news]
The price hike was made to reflect the firming naphtha prices in international markets.
PetroChina adjusts its naphtha prices each month by taking into account of the naphtha prices in international markets in the previous month.
The company primarily reserves its naphtha stocks for captive use. PetroChina would sell its excess stocks in spot markets or when it can enjoy better margins compared with processing the product into chemicals, industry sources said.
($1 = CNY6.35)
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