“Sonatrach” and “Aramco” raise the official selling prices for liquefied petroleum gas
The UAE pledges $450 million to the African Carbon Markets Initiative
Shrouq
Traders said that the Algerian company Sonatrach and Saudi Aramco raised the official selling prices for liquefied petroleum gas on September 1.
Today, Monday, September 4, 2023, dealers explained that “the increase in prices ranged between 13 to 22% compared to last August, amid the rise in oil prices and the decline in global liquefied petroleum gas supplies,” according to Reuters news agency.
Official selling price
In September, Aramco increased the official selling price of propane by $80, reaching $550 per ton, and the official selling price of butane jumped $100, reaching $560 per ton.
Propane and butane are two types of liquefied petroleum gas, each with a different boiling point. LPG is used as fuel for cars and heating, and is among the raw materials for other petrochemicals.
Raising the official selling price of propane
Sonatrach raised the official selling price of propane in September by $60, to reach $530 per ton, and increased the official selling price of butane by $85, to reach $550 per ton.
The official selling price set by Aramco for liquefied petroleum gas is used as a reference for supply contracts from the Middle East to the Asia-Pacific region, while the official selling price of Sonatrach is a standard for Turkey and the Mediterranean and Black Sea regions.
$450 million
On another level, Emirati climate official, Hassan Ghazali, said, “The UAE pledged, today, Monday, September 4, 2023, to provide $450 million to the African Carbon Markets Initiative.”
The Emirati Minister of Industry and Advanced Technology, President-designate of the Conference of the Parties (COP28), Dr. Sultan Ahmed Al Jaber, said during his participation in an environment conference in Addis Ababa, that “Africa benefits from only a tenth of global climate financing.”
Saving $250 billion annually
According to estimates by the African Development Bank, about $250 billion must be provided annually to meet the commitments of the 54 countries of the African continent towards nationally determined contributions until 2030.
He explained that “Africa receives less than $30 billion a year in climate finance, even though it contributes to less than 5% of global emissions.”
