MOSCOW (Reuters) – Oil producer Saudi Aramco (TADAWUL:2222) and Algeria’s Sonatrach lowered January’s official promoting costs (OSPs) for liquefied petroleum gasoline (LPG) by between 1.6% and 6% from December due to weaker demand for the gas, merchants mentioned on Thursday.
Aramco’s January OSP for propane decreased by $10 to $625 a metric ton whereas butane dropped by $15 to $615 a ton, the merchants mentioned.
Propane and butane are forms of LPG with completely different boiling factors.
LPG is used primarily as gas for automobiles, heating and as a feedstock for different petrochemicals.
Sonatrach minimize its January OSP for propane by $35 to $550 a ton and for butane by $25 to $560 per ton, merchants mentioned.
Aramco’s OSPs are used as a reference for contracts to provide LPG from the Center East to the Asia-Pacific area.
Sonatrach’s OSPs are used as benchmarks for the Mediterranean and Black Sea area, together with Turkey.
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