Sinopec Corp or China Petroleum & Chemical Corp., China's second largest oil producer and the largest refiner has cut its ex-refinery price for naphtha by CNY450 a metric ton to CNY4130/ton.
The company has taken this move in accordance with price movements in international markets. Nymex crude is now slightly above US$52 a barrel, much lower than its historical high above US$57/bbl set April 4. The cut follows an increase in the ex-refinery price by CNY550/ton from April 1. The lower ex-refinery price for naphtha may bring down the retail prices for petrochemical products, since naphtha is a feedstock used to produce many petrochemical products.
(source: yahoo news)
02-Jun-05 
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