The BI-ME eNewsletter
LOGIN:
You are hereHome CategoriesNews
Saudi Aramco raises October 2007 LPG prices to a record
Source: BI-ME and agencies , Author: BI-ME staff
Posted: Wed October 3, 2007 12:00 am
www alibaba.com
Meet worldwide manufacturers, wholesalers
& importers
in Alibaba now!

SAUDI ARABIA. Saudi Aramco, the world's largest state oil company, boosted prices of liquefied petroleum gas to a record in October in line with higher crude oil costs as demand increased from China and Japan.

The Dhahran, Saudi Arabia-based company increased propane prices sharply for cargoes loading in October to US$640 a metric ton from US$560 a ton in September and raised butane prices to US$665 a ton from US$580 a ton, said a company official, asking not to be identified because of company rules.

Crude oil in New York touched US$83.90 a barrel on 20 September, the highest since futures started in 1983.

Japanese and Chinese importers are seeking additional LPG cargoes to build up inventories of the fuel partly used for heating before the Northern Hemisphere Winter. Inventories in the US are meanwhile 15% lower than last year, according to data from the US Department of Energy.

"Prices are primarily up because of record crude'' prices and higher demand from chemicals makers, said Ravi Narayanaswamy, an analyst at Purvin & Gertz. "Heating demand is the other factor to be considered.''

Aramco sells its LPG under one-year contracts and individual cargoes for immediate delivery. LPG, produced by refining crude oil and as a by-product of natural gas output, is used for heating, cooking and transportation, and is also processed into petrochemicals.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 2, 2010
INTERNATIONAL. The triangle pattern has taken nearly 9 months so far, and a move over US$19.50 could start a multi-month run targeting US$26-US$29 per ounce for starters before a broad pullback.
date:Posted: September 1, 2010
UAE. Given the recent developments in Saudi Arabia and India, there is now a greater level of hope that the TRA and RIM will reach an agreement about the manner in which BB Messenger services are provided.
date:Posted: September 1, 2010
UAE. GCC Telecom markets are on the verge of saturation, while prices decline due to increasing competition, resulting in telcos profits being under very high pressure.