MOSCOW (MRC) -- Qatar Petroleum raised the official selling prices (OSP) of its marine and land crudes in December, said Reuters.
Qatar marine was set at a premium of USD2.20/bbl over the Dubai/Oman crudes average and Qatar land was priced at a premium of USD2.55/bbl over the same benchmark.
In November the OSP for marine crude was set at a premium of USD1.30 and land crude at a premium of USD1.35.
Qatar's move comes after Saudi Arabia's state-owned oil producer Aramco raised last week its December official selling price to Asian customers, suggesting demand remains strong at a time of tighter supplies.
As MRC informed earlier, in July 2021, Qatar Petroleum entered into a long-term Sale and Purchase Agreement (SPA) with Shell for the supply of 1 million tons per year of LNG to the People's Republic of China for ten years. China is considered a major customer for the State of Qatar and a strategic partner in the energy sector. With the conclusion of this agreement, China will be supplied with approximately 12 MPTA of LNG under long term SPAs from Qatar.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,868,160 tonnes in the first nine months of 2021, up by 18% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.
Qatar Petrochemical Company (Qapco) is a Qatari company founded in 1974. The company is a joint venture between Industries Qatar (80%) and Total Petrochemicals (20%). Qapco is currently one of the largest HDPE producers in the region. In addition, Qapco produces linear HDPE, ethylene and sulfur, exporting its products to 145 countries around the world.
MRC