Kuwait Raises Prices of Liquefied Natural Gas
Posted on: Wednesday, 8 February 2006, 09:01 CST
Kuwait raises prices of liquefied natural gas
KUWAIT CITY, Feb. 7 (Xinhua) -- The state-run Kuwait Petroleum Corporation (KPC) raised on Tuesday prices of liquefied natural gas (LNG).
Price of propane gas now stands at 622 U.S. dollars per ton, 47 dollars up from January's 575 dollars, and price of butane is now 627 dollars per ton, 42 dollars up from 585 dollars last month, according to a KPC statement.
The energy company explained that a higher price of LNG came due to a continued hike in global oil prices resulted from technical, geopolitical and climate aspects, especially an increased demand for heating fuel during the winter season.
KPC had priced propane at 524 dollars and butane at 544 dollars per ton respectively in December 2005.
Propane and butane are being used for cooking, heating and the production of petrochemicals.
Kuwait, an oil and gas-rich kingdom, has 1,572 billion proven natural gas reserves.
Source: Xinhua News Agency - CEIS
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