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Thai PTTGC sees petchem feedstock costs up 8 pct
BANGKOK, July 30 |
BANGKOK, July 30 (Reuters) - Thailand's PTT Global Chemical Pcl (PTTGC) said on Monday it had agreed to buy gas from parent PTT Pcl under a new pricing formula that would increase its petrochemical feedstock costs by 8 percent.
The new formula, from Aug. 1, was based on a crude price range of $70-130 a barrel and the adjustment was aimed to reflect actual costs, moving in line with global oil prices, the company said in a statement.
PTTGC, the flagship in the petrochemical business of PTT, the country's top energy firm, normally buys gas from the parent to feed its petrochemical plants.
The market has been waiting for details of the new formula because it could raise operating costs at the company. At the midsession break, PTTGC shares were up 1.3 percent, while the broad index was 0.6 percent higher. (Reporting by Khettiya Jittapong; Editing by Alan Raybould)
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