Business
Sonatrach and Saudi Aramco cut selling prices for LPG in June by 17-20 pct
Algeria’s Sonatrach and Saudi Arabia’s state oil producer Aramco dropped June official selling prices (OSPs) for liquefied petroleum gas (LPG) by 17-20 percent compared to May due to ample LPG supply in the international market, traders said.
For the latest headlines, follow our Google News channel online or via the app.
Aramco’s June OSP decreased for propane by $105 to $450 per ton, and for butane by $115 from May to $440 per ton.
Butane and propane are kinds of LPG with different boiling points. LPG is mainly used as fuel for cars, heating and to produce other petrochemicals.
Sonatrach’s OSP for propane dropped in June by $80 to $405 per ton, while its OSP for butane decreased by $85 to $405 per ton.
Aramco’s OSPs for LPG are used as a reference for contracts to supply the product from the Middle East to the Asia-Pacific region. Sonatrach’s OSPs for LPG are used as benchmarks for the Mediterranean, Black Sea region and Turkey.
Read more:
Saudi Aramco announces first-quarter net profit of $31.9 bln, down 19.25 pct
Saudi Arabia moves closer to another Aramco stock offering
Saudi Aramco appoints presidents for upstream and downstream businesses