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Sinopec Limited

Sinopec Buys LPG From Phillips 66

China's largest state refiner, Sinopec Corp, said it had entered a long-term deal to buy liquefied petroleum gas (LPG) from Phillips 66, showing the U.S. shale drilling boom is having an impact on Asian markets.The U.S. shale boom in recent years has led to a surge in production of LPG, or propane, which is bringing down global prices and challenging established suppliers in the Middle East. LPG can be used for heating, transportation fuel or for making petrochemicals."It has further diversified the chemical feedstock supply channels for Sinopec," Dai Houliang, Sinopec's senior vice president, said in a statement on Friday.Sinopec, which plans to use the LPG as a petrochemical feedstock, didn't give any details of the contract, the amounts or when the supply starts.Last June, the top Asian refiner proposed a $3.1 billion ethylene plant in east China that would be Sinopec's first to use natural gas and LPG as a feedstock.Phillips 66 said last October it would develop a $1 billion LPG ex...

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