] LPGaswire

www.platts.com

Volume 32 / Issue 245 / December 14, 2010

Daily assessments $/mt Northwest Europe

Northwest Europe
Propane
Propane Butane
FOB seagoing 1010 - 1015 -15 830 - 835 -15 CARGOES: Spot prices were unchanged
FOB ARA 1045 - 1050 -10 825 - 830 -10
FCA ARA 1045 - 1050 -10 835 - 840 -10
from current levels Tuesday. Sources said
CIF 1-3000mt 1065 - 1070 -20 880 - 885 -20 that the focus of attention now appeared
CIF 3000+mt -50 845 - 850 -50 to have moved to early January when the
FOB 3000+mt -50 816 - 821 -50 ongoing cold weather was expected to pro-
CIF 7000+mt 970 - 975
duce increased demand for spot tonnes.
FOB 7000+mt 954 - 959
Freight rates ($/mt) 16.00 29.00 “Today there are a lot of parties asking for
Propane swaps (basis CIF NWE)
early January cargoes,” commented one
1st month +1 929.00 - 933.00 +1 trading source. Trafigura was a buyer of
2nd month +5 893.00 - 897.00 +5 20.5 kt CIF January 1-3 at $960/mt and
3rd month +0 823.00 - 827.00 +0 January quotes flat. Gunvor was seller of
Quarter +2 882.00 - 886.00 +2 20.5 kt CIF December 31-January 3 at
Naphtha $995/mt.
CIF ARA Cargoes 824.50 - 825.00
CIF Med Cargoes 817.50 - 818.00
COASTERS: The coaster market remained
West Mediterranean lackluster Tuesday with no firm demand
FOB Ex-refinery/storage 990 - 995 -20 905 - 910 -20
seen for spot tonnes. Trading sources,
FCA Ex-refinery/storage 990 - 995
CIF 7000+mt 965 - 970 however, said that they expected some
buying interest to materialize for FOB prod-
Daily assessments – Asia $/mt uct to be loaded over the holiday period,
Asia: Refrigerated and it was anticipated that tight availability
11:11 Cargoes would support spot prices when that
CFR Singapore-Japan (H1 Jan) 931.50 demand did emerge.
CFR Singapore-Japan (H2 Jan) 917.50
CFR Singapore-Japan (H1 Feb) 901.00
ARA: There were still few signs Tuesday of
CFR Singapore-Japan Cargoes 924.50
any significant buying interest for FCA prod-
Propane Butane
CFR Japan Cargoes (H1 Jan) 931 - 932 931 - 932 uct from ARA, even though spot product
CFR Japan Cargoes (H2 Jan) 917 - 918 917 - 918 from German refineries was said to be
CFR Japan Cargoes (H1 Feb) 903 - 904 898 - 899 tight. Prompt availability from AGT was also
CFR Japan Cargoes -2 924 - 925 -3 -17 924 - 925 -18 reported to be limited prior to an import
CFR South China Cargoes -1 932 - 933 -2 -16 932 - 933 -17
CFR Taiwan Cargoes -1 933 - 934 -2 -16 933 - 934 -17 arriving at the weekend. Steragas reported
CFR North Asia Zone -2 928 - 929 -3 -17 928 - 929 -18 selling 200 mt on truck to Benelux buyers
Asia: Pressurized at $1,050/mt.
Mixed
CFR Shenzhen -5 957 - 959 -5 Butane
CFR Shanghai -5 953 - 955 -5
Saudi CP Proxy Value For cargoes delivering into Asia: CARGOES: Spot prices fell sharply
CFR Japan/Korea Refrigerated 897 - 899 897 - 899 Tuesday. More selling interest emerged
CFR S China/Taiwan Refrigerated 903 - 905 935 - 937 against a backdrop of virtually no buying
CFR Shenzhen/Shanghai Pressurized 932 - 934 interest seen from the gasoline related
Asia Premiums over Saudi CP Proxy Values: sector. “I still think there is more butane to
Propane Butane place, [the market] looks depressed,” said
CFR Japan Refrigerated -6 26 - 27 -7 -6 26 - 27 -7 one trader. Statoil was a seller of 10 kt of
CFR Korea Refrigerated -6 23 - 24 -7 -6 23 - 24 -7
mixed butane CIF December 25-31 at
CFR S China Refrigerated -1 28 - 29 -2 -11 -4 - -3 -12
CFR Taiwan Refrigerated -1 29 - 30 -2 -11 -3 - -2 -12

The McGraw Hill Companies

 LPGASWIRE DECEMBER 14, 2010

Daily assessments – Asia (cont.) $/mt $850/mt and balance December quotes
plus $3/mt, but no deal was concluded.
Propane Butane
Asia Premiums over Saudi CP Proxy Values:
COASTERS: Spot activity remained scant
CFR Shenzhen Pressurized -5 24 - 26 -5
CFR Shanghai Pressurized -5 20 - 22 -5 Tuesday with no confirmed public deals.
AG: Refrigerated Although refinery availability remained thin
Spot FOB AG Cargoes 881 - 883 881 - 883 there was also said to be little demand
Spot FOB AG Monthly Average to Date 898.50 - 900.00 927.10 - 928.60 within Northwest Europe apart from the
Saudi Aramco Contract Price 905.00 945.00 possibility of gasoline blending at relatively
Spot FOB AG Saudi CP Proxy Value 897 - 899 897 - 899 low delivered price levels.
FOB AG Spot Premiums over Saudi CP:
FOB AG Spot Premium -6 -17 - -15 -5 -6 -17 - -15 -5 ARA: According to sources Tuesday some
FOB AG Premium(Jan) -6 -17 - -15 -5 -6 -17 - -15 -5
FOB AG Premium(Feb) -1 - 1 -1 - 1
mixed butane was on offer, and there were
also indications of iso rich product becom-
Daily assessments US ¢/gal ing available from Flushing following main-
tenance on the hydro cracker. “There is a
US
lot of product offered,” remarked one trad-
Non-LDH Mt Belvieu LDH Mt Belvieu Conway
er. However, with no prompt demand seen
E/P Mix -57.200 - 57.300- 53.450 - 53.550
Ethane Purity -65.200 - 65.300- for MTBE production buying interest again
Propane +129.600 - 129.700+ +129.600 - 129.700+ +124.600 - 124.700+ appeared to be mainly confined to gasoline
$/mt 675.22 - 675.74 blending.
Normal Butane -171.000 - 171.100- -170.000 - 170.100- -169.950 - 170.050-
$/mt 774.63 - 775.08
Iso-Butane -176.000 - 176.100- -176.000 - 176.100- -170.950 - 171.050- West Mediterranean
Natural Gasoline -208.350 - 208.450- 204.450 - 204.550
Non-Targa -207.600 - 207.700- Propane
Targa -208.350 - 208.450-
US LPG alternate hub prices The market remained inactive Tuesday with
Bushton Hattiesburg River very limited demand for exports from
Propane +125.100 - 125.200+ +132.100 - 132.200+* Lavera, apart from a small 1,600 mt cargo
Natural gasoline -207.600 - 207.700-**
for Barcelona loading at the end of this
NYMEX week. “There is no drastic change,” said
Natural gas JAN ($/MMBtu) 4.26 one player.
Light sweet crude Mmm ($/bbl) 88.28
NYMEX light sweet crude* Butane
Jan 88.13
Feb 88.68
Mar 89.28 There were still no firm signs Tuesday of
Note:*Platts assessments of crude oil futures values prevailing exactly at 3:15 pm Eastern Time follow: any upturn in spot demand for Lavera
US propane swaps butane, but there were indications of spot
Q1 2011 127.95 - 128.05 JAN 130.05 - 130.15 MAR 125.90 - 126.00 product available for FOB sale. “Butane is
Q2 2011 112.50 - 112.60 FEB 127.95 - 128.05 there at Lavera,” commented one industry
* Hattiesburg product is for in pipe. ** River means on barges in various points of Mississippi River in Louisiana source. A cargo of about 6,000 mt was
Note: Spot prices exclude terminaling
reported to be loading at Lavera, but no
Monthly rolling averages $/mt other vessels were currently said to be
nominated for exports.
Propane Butane
Europe FOB Seagoing 1012.90 - 1017.90
Europe CIF 7000+MT 994.50 - 999.50 Arab Gulf
Arab Gulf 898.50 - 900.00 927.10 - 928.60
Iran’s Petrochemical Commercial Company,
Postings/contracts $/mt
or PCC, has so far sold 176,000 mt of
Propane Butane
mixed refrigerated LPG, in four 44,000-mt
FOB N Sea:PPAP*/PBAP** (eff DEC 1 ) 867.14 893.64
FOB Algeria (eff DEC 1 ) 925.00/925.00*** 985.00 cargoes, for December loading, a source
FOB Saudi Arabia**** (eff DEC 1 ) 905.00 945.00 familiar with the matter said Tuesday. All
*Platts propane average price. **Platts butane average price. ***Propane at Bethioua and Skikda respectively. four cargoes comprised product in a 3:1
**** Kuwait, Abu Dhabi and Qatar posted the same prices as Saudi Arabia.
propane-butane ratio, and were sold on an

Copyright © 2010, The McGraw Hill Companies 2


FOB basis. The first two cargoes, which
were for loading from Bandar Imam
Khomeini or Assaluyeh over first-half
December, were sold via private negotia-
tions to a South Korean trader and a
European trader at a low single digit premi-
um to Saudi Aramco’s December LPG
Contract Price, said a trading source. The
other two cargoes, which were sold via ten-
ders, were for loading from Bandar Imam
Khomeini or Assaluyeh over December 20-
30 and December 25-30, said the first
source. The pricing details or names of the
buyers for the H2 December cargoes could
not be confirmed. The Iranian LPG produc-
er sold at least 264,000 mt of mixed
refrigerated LPG in six 44,000-mt cargoes
for November loading.
Asia
REFRIGERATED: The Asian trading day saw
a trickle of activity Tuesday, with most of it
confined mostly to the paper market.
January CFR North Asia propane swaps
were heard traded at $934/mt, while
January CFR North Asia/Contract Price
propane swaps were heard traded at
$36/mt. Total was the only participant in
the spot physical market, offering 22,000
mt of evenly split LPG for second-half
January delivery at a premium of $38/mt
to Saudi Aramco’s January contract price.
Meanwhile, the lack of demand from both
the West and Far East, including Japan,
South Korea and China, continued to put a
dampener on sentiment. Butane values
slumped, outpacing the drop in propane
prices, and bringing the butane-propane
spread to parity, or a $10/mt drop on the
day. Even so, Indian demand for the prod-
uct remained steadfast. State owned IOC
came to the spot market to buy via tender
up to 160,000 mt of butane in seven to
eight cargoes, each of 13,000 mt or
20,000 mt, for January. IOC had previously
sought to buy via tender up to 120,000 mt
of refrigerated butane in five to six cargoes
each of 13,000 mt or 20,000 mt for
January. A lack of offers amid tight supply
for butane, however, led the state-owned
refiner to secure only 20,000 mt of the
product.
LPGASWIRE
Americas
Propane prices continued moving upward
as winter weather kept demand high
Tuesday, but other NGL prices retreated.
Mont Belvieu propane strengthened as
sources said there is more demand along
the US Gulf Coast with the region?s
pipelines feeding the Northeastern US. “It
has been cold in the [northern US states],”
a broker said, adding that light-end NGLs
demand in the USG is supported by petro-
chemical companies running ethane,
propane or a mix of the two. Conway
propane was heard traded at 5 cents
under Mont Belvieu, according to trade
sources. Crude oil futures prices slipped
from Monday, with the Platts January crude
assessment down 35 cents to
$88.13/barrel. There were no trades dur-
ing the Platts Market on Close assess-
ment process. Bids and offers for non-LDH
propane for December were at 129-131
cents/gal. Normal butane bids and offers
were at 170-172.50 cents/gal, December
non-LDH. Natural gasoline, December non-
Targa, was bid at 207.25 cents/gal, versus
an offer at 207.85 cents/gal.
News
Iran says to match Qatar gas
production by 2014
Just as Qatar celebrated reaching mile-
stone LNG production of 77 million
mt/year on Monday, Iran announced that it
would complete all remaining phases of its
giant South Pars gas field, a geological
extension of Qatar's North Field, by 2014
and match Qatar's gas production. "All
phases of the South Pars gas field will
become operational in March-early April
2014," said Ali Vakili, managing director of
state-run Pars Oil and Gas Company
(POGC), was quoted as saying by official
news agency IRNA. "After completion of
the remaining phases within the next three
years, Iran's exploitation of gas in terms of
volume will be equal to Qatar?s," he said,
adding that each phase is designed to go
on stream within 35 months from the start
of development. The offshore South Pars
Copyright © 2010, The McGraw Hill Companies
DECEMBER 14, 2010
gas field contains roughly half of Iran's
total natural gas reserves, which BP's lat-
est Annual Statistical Review estimates at
29.61 trillion cubic meters, and is being
developed in 28 phases, several of which
are running behind schedule. Phases 11-
24 have are being managed by domestic
contractors after Western oil companies
pulled out of Iran for fear of incurring
penalties due to international sanctions
against Tehran over its controversial
nuclear program. Phases 1-8 have been
completely developed and phases 9 and
10 are yet to reach their full production tar-
gets. The Iranian government has set the
full development of South Pars as a priority
and has issued a series of bonds to
finance the projects. The development of
each project that regularly covers two
phases in one package requires an invest-
ment of around $4.5 billion. Vakili, whose
company is in charge of all South Pars oil
and gas projects, said contractors awarded
projects would be paid fully in advance in
order to accelerate orders of equipment
and procurement. "We may be behind
schedule by 1-10%, which is insignificant,"
Vakili said, adding that phases 22-24 were
ahead of schedule. "Phases 20 and 21
match the timetable but we are behind
schedule in phase 14. We should also
change the location of phase 19 and build
the project from the beginning," he said.
Vakili put the value of products per phase
at around $9-$10 million per day. A signifi-
cant byproduct of rising gas production is
an increase in the volume of condensates,
which makes gas projects more viable
because it is a high value product. "Each
year, $100 billion will be injected into the
national economy after the South Pars gas
field is fully developed," he said. The
South Pars gas field holds 14 trillion cubic
meters of gas, 18 billion barrels of gas
condensates. Each phase will typically pro-
duce 25 million cu m of natural gas
80,000 barrels of gas condensates and
400 mt of sulfur per day as well as 1 mil-
lion mt of ethane and 1.05 million mt of
LPG per year. Some of the single phases
like phase 12 will produce as much as
three typical phases. OPEC oil producer
Iran at one point had three LNG projects
planned but had to drop two after foreign
3

consortia led by Total and Shell failed to
commit to the projects as a result of the
sanctions. A third LNG project, Iran LNG, is
being developed by Iran without outside
and is due to come on line by 2014. Qatar
forged ahead with developing its gas
reserves, estimated at 25.36 trillion cubic
meters, and is now the world's largest pro-
ducer and exporter of LNG at 77 million
mt/year of capacity, which was marked at
a lavish ceremony at Ras Laffan industrial
city on Monday.
Oil demand stood ‘giddy’ 3.3 mil b/d
higher year-on-year in Q3: IEA
The International Energy Agency Friday
raised its forecasts for global oil product
demand for 2010 and 2011 by 130,000
b/d and 260,000 b/d, respectively, to
reflect the impact of recent cold weather
and stronger signals of OECD demand
recovery. In its latest monthly oil market
report, the IEA also updated its medium-
term market outlook, raising its six month-
old, base-case demand scenario by 1.45
million b/d in 2015. Global oil demand is
now estimated at 87.4 million b/d for
2010, 2.9% higher year-on-year, rising to
88.8 million b/d in 2011, a 1.5% demand
growth on the year. Oil demand is now
seen rising to 93.4 million b/d in 2015,
equivalent to 1.6% average per year
growth, the IEA said, with the demand
baseline for 2010/2011 around 1.1 mil-
lion b/d higher than it anticipated in June.
The IEA said its oil pricing assumptions of
a $75-85/b range for 2010-2015 remain
unchanged. The IEA said global oil product
demand increased by a "giddy" 3.3 million
b/d year-on-year during the third quarter,
driven by a strong rebound in the OECD
markets and colder winter weather.
China's preliminary data show that appar-
ent oil demand rose by 12.6% year-on-year
in October, with all product categories
except LPG featuring strong gains, the
agency said. The demand jump has sup-
ported crude prices in recent weeks, and
surplus refining capacity helped absorb
the surge in gasoil demand, the IEA said.
Although OECD industry stocks built by a
counter-seasonal 700,000 barrels to 2.74
billion barrels in October, preliminary
LPGASWIRE
November data indicate that OECD stocks
fell by 8.4 million barrels, broadly in line
with the five-year average draw of 10.9
million barrels. SUPPLY While the IEA also
raised its 2015 supply estimates from
both OPEC and non-OPEC sources, the oil
market is still expected to tighten over the
coming four years. OPEC crude production
capacity is expected to increase 2.1 mil-
lion b/d to 36.9 million b/d by 2015,
150,000 b/d higher than estimated six
months ago. Non-OPEC supply will contin-
ue to grow through 2015, reaching 54.0
million b/d, and overall supply is seen
1.47 million b/d higher in 2015 than pre-
dicted in June. Growing demand for fuels
will increase the demand on OPEC crude
with the IEA raising its 2011 "call" on
OPEC by 100,000 b/d to an estimated
29.5 million b/d. "With a 'call on OPEC
crude and stock change' breaking through
32 million b/d by 2015 in the base case,
this is likely to see a narrowing in the mar-
gin of spare capacity from recent 5 million
b/d levels to around 3.6 million b/d in
2015, symptomatic of a tightening, and
potentially more jittery, market," the IEA
said. Weaker demand growth, however,
could leave OPEC spare capacity flat
around recent 5 million b/d levels through
2015, the IEA said.
Iran's PCC sells 176,000 mt of
refrigerated LPG for December
Iran's Petrochemical Commercial
Company, or PCC, has so far sold
176,000 mt of mixed refrigerated LPG, in
four 44,000 mt cargoes, for December
loading, a source familiar with the matter
said Tuesday. All four cargoes comprised
product in a 3:1 propane-butane ratio, and
were sold on an FOB basis. The first two
cargoes, which were for loading from
Bandar Imam Khomeini or Assaluyeh over
the first half of December, were sold via
private negotiations to a South Korean
trader and a European trader at a low sin-
gle digit premium to Saudi Aramco's
December LPG Contract Price, said a trad-
ing source. The other two cargoes, which
were sold via tenders, were for loading
from Bandar Imam Khomeini or Assaluyeh
over December 20-30 and December 25-
Copyright © 2010, The McGraw Hill Companies
DECEMBER 14, 2010
30, said the first source. The pricing
details or the names of the buyers for the
H2 December cargoes could not be con-
firmed. The Iranian LPG producer sold at
least 264,000 mt of mixed refrigerated
LPG in six 44,000mt cargoes for
November loading. All six cargoes were
sold on an FOB basis, at premiums of
$25-40/mt to Saudi Aramco's November
CP, a Tehran-based source familiar with the
matter said earlier. For October loading,
PCC sold at least 176,000 mt of mixed
refrigerated LPG in four 44,000 mt
parcels.
Iran's NIOC likely to sell only one
44,000 mt LPG cargo for December
The National Iranian Oil Co., or NIOC,
which sold, through private negotiations
132,000 mt of mixed refrigerated LPG in
three 44,000 mt cargoes for November,
will likely have only one 44,000 mt parcel
for December loading, a Tehran-based
source familiar with the matter said late
Monday. "Based on the current bearish
market sentiment, I think they'd prefer to
wait," said the source adding that the com-
pany has postponed placing a 44,000 mt
first half December-loading mixed refriger-
ated LPG cargo to the second half of
December. Spot FOB propane prices have
slumped from a record high of $926.5/mt
on December 6 to $883.5/mt Monday,
while that of butane has dropped from
$961.5/mt to $898.5/mt, during the
same period. The highest that FOB
propane prices reached before December
6 was on July 4, 2008, when it settled at
$921/mt, while the highest price on record
for butane is $966/mt, also on July 4,
2008. The Iranian LPG producer typically
comes to the spot market to sell at least
two 44,000 mt cargoes per month, for
loading in the first half and the second
half, respectively. "Although they'll now
have two [44,000 mt] cargoes for the sec-
ond half [December], the approaching win-
ter and the [current] cold weather in the
North could just lead to [NIOC] absorbing
one of the cargoes into the domestic sys-
tem," added the source. The state oil com-
pany sold 88,000 mt of mixed refrigerated
LPG in two 44,000-mt cargoes for October.
4
 LPGASWIRE DECEMBER 14, 2010

Tender data: India's IOC seeks Correction note

up to 160,000 mt of butane for Jan
Buyer: Indian Oil Corp. Country: India
Specs & quantity: Seven to eight cargoes
of refrigerated butane, each 13,000 mt or
20,000 mt When: January, CFR or FOB
Port: Delivery into Kandla or Mangalore, for
CFR cargoes Basis: Saudi Aramco's LPG
Contract Price Close: December 21, with
validity until December 22 Data from:
Industry sources Notes: IOC had previously
sought to buy via tender up to 120,000 mt
of refrigerated butane in five to six cargoes
each of 13,000 mt or 20,000 mt for
January. A lack of offers amid tight supply
for butane, however, led the state-owned
refiner to secure only 20,000 mt of the
product. A New Delhi-based source familiar
with the matter said then that the cargo
was bought at a premium of $17-18/mt to
Saudi Aramco's January LPG CP, FOB basis.
Enterprise says repairs to ruptured
Minnesota NGLs pipe under way
Midstream operator Enterprise said that
repairs are under way on an 8-inch-diameter
natural gas liquids pipeline that suffered a
rupture in Martin County, Minnesota, on the
In a story published in LPGaswire /
afternoon of December 10. Company
November 24 / Volume 32 / Issue 231
spokesman Rick Rainey said a heavy equip- -- "Qatar's Tasweeq sells at least
ment operator was excavating land for 220,000 mt refrigerated LPG for Nov" --
drainage work and hit the pipeline. That the name of one of the buyers, Turkey-
caused about 3,200 barrels of propane to based LPG supplier Aygaz, was mis-
leak, according to the National Response spelled as Aya Gas.
Center. Enterprise shut down the pipeline
immediately, and there were no injuries and
no fire that occurred as a result, Rainey Trader note
added. The pipeline is part of Enterprise's
Mid-America pipeline system, a 7,832-mile AYGAZ A.S. would like to make the fol-
long pipeline transporting mixed NGLs pro- lowing announcement:
duced from over 20 natural gas processing As of December 1st 2010, Mr. Can
plants in Wyoming, Utah and Colorado to Koka joined the Aygaz A.S. LPG Supply
the Seminole Pipeline in west Texas, accord- Team as a LPG Supply and Trade
Specialist.
ing to Enterprise's website. The company's
terminals at Mankato and Jackson, His contact details are:
Minnesota, are currently unavailable and
Tel : +90 212 354 17 11
repairs to the pipeline were delayed by
Fax : +90 212 288 40 72
heavy snow, Rainey said. A parallel 8-inch-
Mobile : +90 533 297 02 85
diameter pipeline was able to resume serv- Email : can.koka@aygaz.com.tr
ice within two hours of the line being shut. Group Address:
"Our line was marked with above-ground AygazLpgSupply@aygaz.com.tr
markers, and it appears at this point the Yahoo ID: cankoka
proper procedures were not followed by the
excavator," Rainey said.

]
Editorial contacts:
LPGaswire
Volume 32 / Issue 245 / December 14, 2010

LPGaswire is published daily by Platts, a division of the McGraw-Hill Companies. Registered office: Two Penn
Plaza, 25th Floor, New York, NY 1012102298 To reach Platts
ISSN: 1931-2229

Singapore: Rajesh Nair,

Tel: +65 6530 6550
London: Derek Hardy,
Tel: +44 (0) 207 176 6672
Houston: Steven McGinn,
Tel: (1) 713 658 3208
Editorial Director, Oil
Dave Ernsberger
Vice President, Editorial
Dan Tanz
Platts President
Larry Neal
Officers of the Corporation: Harold McGraw III, Chairman, President and Chief Executive Officer; Kenneth
Vittor, Executive Vice President and General Counsel; Robert J. Bahash, Executive Vice President and Chief E-mail: support@platts.com
Financial Officer; John Weisenseel, Senior Vice President, Treasury Operations.
North America
Prices indexes and assessments and other price information in tables published [herein] are based on price
information collected from actual buyers and sellers. Platts makes no warranties, express or implied, as to the Tel: 800-PLATTS-8 (toll-free)
accuracy, adequacy or completeness of the data and other information set forth in this publication ('data’) or as +1-212-904-3070 (direct)
to the merchantability or fitness for a particular use with respect to the data. Platts assumes no liability in con-
nection with any party's use of the data. Corporate policy prohibits editorial personnel from holding any financial
interest in companies they cover and from disclosing information prior to the publication date of an issue. Latin America
Tel: + 54-11-4804-1890
Copyright © 2010 by Platts, The McGraw-Hill Companies, Inc.
Permission is granted for those registered with the Copyright Clearance Center (CCC) to photocopy material Europe & Middle East
herein for internal reference or personal use only, provided that appropriate payment is made to the CCC, 222 Tel: +44-20-7176-6111
Rosewood Drive, Danvers, MA 01923, phone (978) 750-8400. Reproduction in any other form, or for any other
purpose, is forbidden without express permission of The McGraw- Hill Companies, Inc.
Asia Pacific
For article reprints contact: The YGS Group, phone +1-717-505-9701 x105 Tel: +65-6530-6430
Text-only archives available on Dialog File 624, Data Star, Factiva, LexisNexis, and Westlaw.

Platts is a trademark of the McGraw-Hill Companies, Inc.

The McGraw Hill Companies

Copyright © 2010, The McGraw Hill Companies 5