RIM INTELLIGENCE

LP GAS

6F Hakushika Kayabacho-Bldg, 1 Chome 17-18 Shinkawa, Chuo-ku, Tokyo Japan Tel:81-3-3552-2411 Fax:81-3-3552-2415 Singapore Tel:65-6-345-9894 Fax:65-6-345-9894

RIM LPG INTELLIGENCE NO.2495 Oct 4 2011 Copyright (C) 2011 RIM Intelligence Co. All rights reserved. --TOKYO, 19:00 JST Oct 4 2011 Notice of "LNG Annual 2011" publication We, at Rim Intelligence Co., published The LNG Annual 2011 in September, 2011 after the first edition in 2010, which achieved popularity. The LNG Annual 2011 is composed of detailed explanation of LNG business among oil majors, Japanese and overseas petroleum companies, traders, power and gas utilities and a wide range of data compiled from statistics published by various countries. It also contains our original data showing spot market movements. We cover feature reports on how the East Japan earthquake in March influences on the LNG procurement for power generation. Whether for business, administration or academic learning, if you are involved in the energy industry, we recommend that you purchase a copy. To preview the contents and application form, click on the following links. To order or for more inquiries, please contact: Rim Intelligence Co. LNG Annual team Tel: +81-3-3552-2411 Email: info@rim-intelligence.co.jp URL: https://eng.rim-intelligence.co.jp/ FOB ARABIAN GULF SPOT PRICES ($/mt) PROPANE FOB AG spot prices (Oct) -10 702-712 -10 FOB AG spot prices (Nov) -10 712-718 -10 FOB AG premiums (Oct) -10 -33/-23 -10 FOB AG premiums (Nov) - 3/+ 3 Aramco CP (Oct) 735 Expected CP (Nov) 715 -10 SAUDI CP SWAPS ($/mt) Nov Dec PROPANE 710.00BUTANE -

BUTANE -15 787-793 -15 -15 787-793 -15 -15 -28/-22 -15 - 3/+ 3 815 790 -15

REFRIGERATED CARGOES CFR JAPAN SPOT PRICES ($/mt) **Yen/mt CFR Japan PROPANE BUTANE PROPANE BUTANE Oct 2nd-half 745-750 835-840 59,183 66,179 Nov 1st-half - 5 745-750 - 5 - 5 835-840 - 5 59,183 66,179 Nov 2nd-half - 5 745-750 - 5 - 5 835-840 - 5 59,183 66,179 premiums(Nov) + 5 +30/+35 + 5 +10 +45/+50 +10 Exchange rate(TTS yen/$ as of Oct 4) 77.73 *CFR Japan Naphtha Nov 2nd-half 860.25-860.75 *CFR Japan Naphtha prices are as of 19:00 Tokyo time. **including Yen 1,080 Tax CFR CHINA SPOT PRICES ($/mt) CFR China PROPANE Oct 2nd-half 745-750 Nov 1st-half - 5 745-750 - 5 premiums(Nov) + 5 +30/+35 + 5

BUTANE 835-840 - 5 835-840 - 5 +10 +45/+50 +10

1

*Yuan/mt PROPANE BUTANE 5,457-5,493 6,116-6,153 5,457-5,493 6,116-6,153

RIM INTELLIGENCE

LP GAS

6F Hakushika Kayabacho-Bldg, 1 Chome 17-18 Shinkawa, Chuo-ku, Tokyo Japan Tel:81-3-3552-2411 Fax:81-3-3552-2415 Singapore Tel:65-6-345-9894 Fax:65-6-345-9894

Exchange rate(Middle yuan/$ as of Oct 4) *Yuan/mt prices include tariff and the value added tax. RIM ASIA INDEX ($/mt) PROPANE 747.50 - 2.5 BUTANE 837.50 - 2.5

6.3549

CUMULATIVE MONTHLY AVERAGE(Oct 2011)($/mt) PROPANE BUTANE 748.75(801.99) 838.75(901.94) --Figures in brackets are previous month's average-CFR FAR EAST PROPANE SWAPS Oct Nov CFR FAR EAST FORWARD ($/mt) PROPANE(22kt) PROPANE/BUTANE(11/11kt) -

-750.00 -

CFR Japan Nov 1st-half Nov 2nd-half Dec 1st-half

EXPECTED CIF JAPAN VALUES (IN YEN/MT) Oct Sep Aug* Jul* PROPANE 62,600() 66,800() 67,643() 71,244() BUTANE 68,600() 71,300() 72,348() 77,887() The figures above are RIM's expected CIF values for each grade, NOT including the power fuel-use LPG. The quotations in the parenthesis refer to power fuel-use inclusive. *The figures are preliminary CIF values, announced by the Japanese Ministry of Finance. VLGC FREIGHT Ras Tanura/F.East Algeria/F.East NWE/F.East Yanbu/MED Algeria/NWE Algeria/US Gulf TERM/SPOT COMBINED LOADING/DISCHARGING AG/Japan PRESSURIZED CARGOES FOB CHINA SPOT PRICES ($/mt) ***FOB South China PROPANE/BUTANE Oct 2nd-half - 3 815-825 - 3 Nov 1st-half - 3 815-825 - 3 FOB SOUTHEAST ASIA SPOT PRICES ($/mt) **FOB Southeast Asia PROPANE/BUTANE Oct 2nd-half 825-835
2

7090100705076-

74 94 104 72 53 78 RATE($/mt) -SINGLE-PORT

FREIGHT 59.4

*Yuan/mt PROPANE/BUTANE 5,970-6,043 5,970-6,043

Premiums to Applied CP + 34/+ 44 (Oct)

RIM INTELLIGENCE

LP GAS

6F Hakushika Kayabacho-Bldg, 1 Chome 17-18 Shinkawa, Chuo-ku, Tokyo Japan Tel:81-3-3552-2411 Fax:81-3-3552-2415 Singapore Tel:65-6-345-9894 Fax:65-6-345-9894

Nov 1st-half

825-835

+13 + 57/+ 67 +13(Nov)

CFR VIETNAM SPOT PRICES ($/mt) **CFR Vietnam PROPANE/BUTANE Premiums to Applied CP Oct 2nd-half - 2 871-876 - 2 - 2 + 80/+ 85 - 2(Oct) Nov 1st-half -13 850-855 -13 + 82/+ 87 (Nov) *Yuan/mt prices include tariff and the value added tax. ** Refers to a propane-to-butane ratio of 30:70. *** Refers to a propane-to-butane ratio of 50:50. PRESSURIZED FREIGHT RATES ($/mt) Singapore/ Ho Chi Minh South China/ Haiphong

53- 58 43- 48

CHINA DOMESTIC WHOLESALE PRICES (Yuan/mt ex-terminal) SOUTH CHINA *Refinery Posted Price East Guangdong Shenzhen Guangzhou Zhuhai Western Guangdong Guangxi Hainan EAST CHINA Jiangsu Shanghai Zhejiang Fujian *Refinery Posted Price -

NORTH CHINA *Refinery Posted Price North-East* South-East** Shangdong*** *Refinery posted price of Dagang, Tianjin, Yanshan, Huabei and Cangzhou Refinery ** Refinery posted price of Shijiazhuang, Henan Youtian, Luoyang and Zhongyuan Refinery *** Refinery posted price of Shengli Youtian, Qilu, Jinan, Qingdao and local Refineries NORTHEAST CHINA *Refinery Posted Price Dalian* West Liaoning** Hei Longjiang*** * Refinery posted price of Dalian Petrochem and WEPEC ** Refinery posted price of Jinzhou Petrochem and Jinxi Refinery *** Refinery posted price of Daqing Petrochem and Daqing Refinery RIM CHINA DOMESTIC INDEX South China East China CONTRACT PRICES/POSTINGS ($/mt) North Sea Oct11 PROPANE 770.00
3

BUTANE 839.50

RIM INTELLIGENCE

LP GAS

6F Hakushika Kayabacho-Bldg, 1 Chome 17-18 Shinkawa, Chuo-ku, Tokyo Japan Tel:81-3-3552-2411 Fax:81-3-3552-2415 Singapore Tel:65-6-345-9894 Fax:65-6-345-9894

Algeria-Sonatrach PP Saudi ARAMCO CP CALORIFIC VALUES ($/mt)

Oct11 Oct11

770.00 735.00

865.00 815.00

PROPANE BUTANE Arabian Light($/bbl) 96.96 LPG Calorific values 794.93 784.03 FOB Spot Cargo prices(Nov) 715.00 790.00 Spot LPG vs AL 90% 101% *Arabian Light Price is from RIM Crude Report *Nov Arabian Light premium against Dubai/Oman is $0.00 JAPAN DOMESTIC SPOT PRICE ASSESSMENTS (Yen/mt) EX-TERMINAL BARGE PROPANE BUTANE Tokyo Bay (Keihin) - 66,500-67,000 - - 74,000-74,500 Hanshin.Kyushu - 66,500-67,000 - - 74,000-74,500 EX-TERMINAL TRUCK Tokyo Bay (Keihin) Hanshin PROPANE 66,800-67,800 67,500-68,000 BUTANE/AUTO GAS 74,800-75,800 75,000-75,800

CUMULATIVE MONTHLY AVERAGE(Oct 2011)(Yen/mt) EX-TERMINAL BARGE PROPANE Tokyo Bay (Keihin) 67,125 Hanshin.Kyushu 67,125 EX-TERMINAL TRUCK Tokyo Bay (Keihin) Hanshin PROPANE 67,300 67,750

BUTANE 74,625 74,625

BUTANE 75,300 75,400

ARABIAN GULF MARKET October propane and butane loadings lost a further $10/mt and $15/mt from the previous day to $702-712/mt and $787-793/mt respectively on Tuesday. The fall was attributed to a downward revision of the expected November CP. For this timing, most Middle East producers were believed to have finished spot sale. Sources reckoned that one Iranian producer might still have spot supply for October loading. The producer was said to have sold two cargoes of 33,000mt propane/11,000mt butane loading Oct 10 and Oct 14-16 but price details were unknown. A European trader was said to be one of the buyers. Thus far, 3 to 4 spot cargoes from Iran were believed to have been sold for October loading. On the other hand, some buyers seemed interested to purchase propane but firm bids were not heard. November propane and butane prices leveled off at a discount of $3/mt to a premium of $3/mt to the November CP. With temperatures dropping in the northern hemisphere, LPG demand for heating during the winter season was anticipated. Nevertheless, most players deemed it too early to begin talks. Sources reckoned that Abu Dhabi National Oil Co. (ADNOC) had little room to sell November loading. ADNOC had cut term butane supply for October lifting by 10% and was expected to continue doing so for November and December lifting. In view of losses in crude prices, the expected November CP was revised down to $715/mt for propane and $790/mt for butane. With naphtha prices falling with crude, butane demand for
4

RIM INTELLIGENCE

LP GAS

6F Hakushika Kayabacho-Bldg, 1 Chome 17-18 Shinkawa, Chuo-ku, Tokyo Japan Tel:81-3-3552-2411 Fax:81-3-3552-2415 Singapore Tel:65-6-345-9894 Fax:65-6-345-9894

petrochemical use receded. This caused the butane/propane spread in the expected November CP to narrow. In CP swap, the November propane contract was bid at $710/mt. ASIA MARKET REFRIGERATED CARGOES Summary In the CFR Far East market on Tuesday, prices for November delivery dropped, pressured by falling crude prices. Nevertheless, potential demand from Far East importers for November delivery caused the premium level relative to the November CP to strengthen. CFR Japan/Korea CFR Japan propane and butane prices for November delivery shed $5/mt from the previous day to $745-750/mt and $835-840/mt respectively. Japanese importers appeared to be quietly moving on spot purchase for November delivery. Under such circumstances, two 22,000mt propane cargoes and a 22,000mt 50:50 cargo for November delivery were said to have been traded into Japan based on the November CP. Sources reckoned that the premium for the 22,000mt propane cargoes were above $30/mt while that for the 22,000mt 50:50 cargo was above $40/mt. One Japanese importer had room to buy a 22,000mt propane and 50:50 cargo for second-half November delivery but wanted to observe the situation for a while and did not indicate a bid. On the other hand, another importer was not keen on spot purchase. Looking at its current inventories and taking into account it would be receiving term cargoes in November, the importer felt that it had adequate supply to meet its requirements. As for sellers, offers for 22,000mt 50:50 cargoes were kept at a premium of $50/mt to the November CP. CFR Japan propane and butane prices for second-half October delivery were stable at $745-750/mt and $835-840/mt respectively. Late last week, a European Major was said to have bought a 22,000mt propane cargo for second-half October delivery from a European trader at a discount of $5/mt to CFR Far East quotes. With the deal, sources believed that the Major had covered its requirements for October delivery. Open spec naphtha prices for second-half November delivery were assessed at $860.25-860.75/mt, down $14/mt from the day before. CFR Japan naphtha swap for November was discussed at around $850/mt, down $14/mt from the previous day. CFR China CFR China propane and butane prices for second-half October delivery were unchanged at $745-750/mt and $835-840/mt respectively. Gunvor bid for a 22,000mt propane cargo for second-half October delivery to China partly at $745/mt and partly at a discount of $5/mt to CFR Far East quotes. It offered a similar cargo for second-half October or first-half November delivery partly at $755/mt and partly at flat to CFR Far East quotes. Most Chinese importers had finished spot purchase for October delivery and retreated to the sideline. Some sources estimated that Chinese importers had bought about 200,000mt of spot cargoes for October delivery so far. CFR China propane and butane prices for first-half November delivery softened $5/mt to $745-750/mt and $835-840/mt respectively. Some Chinese importers apparently contemplated spot purchase for November delivery. However, with consecutive losses in crude prices giving rise to uncertain market directions ahead, most importers were hesitant to engage in firm discussions at the moment. Others On delivery to Taiwan, one refiner might have room to buy a 22,000mt 50:50
5

RIM INTELLIGENCE

LP GAS

6F Hakushika Kayabacho-Bldg, 1 Chome 17-18 Shinkawa, Chuo-ku, Tokyo Japan Tel:81-3-3552-2411 Fax:81-3-3552-2415 Singapore Tel:65-6-345-9894 Fax:65-6-345-9894

cargo for November delivery but was not ready to enter discussions. Its No.3 ethylene plant had shut down since mid-August for maintenance. The maintenance was originally scheduled to finish in late September or early October but this had been delayed. In the meantime, some sources reckoned that the refiner would increase the operating rate of its No.1 ethylene plant. The No.1 ethylene plant had been shut down in first-half May due to a pipeline fire but restarted operations in second-half September. VLGC FREIGHT MARKET (SINGLE-PORT LOADING/DISCHARGING): Freight rates for Arabian Gulf-Far East held steady at $70-74/mt on Tuesday. With crude prices weakening, bunker costs were seen to be falling going forward. Nevertheless, shipowners maintained a firm stance and seemed reluctant to show compromise to charterers at the moment. NWE/US in Brief (Monday) NWE propane and butane prices in the CIF ARA market dropped $23/mt and $15/mt from last Friday to around $760/mt and the high $820s/mt respectively on Monday. Falling crude prices sent the market lower. In the U.S. Gulf market on Monday, declining crude prices led to propane and butane prices moving down by $19/mt and $17/mt to $768/mt and $811/mt respectively. Crude prices slid on Monday. As concerns over Greeces default still lingered, the euro weakened against the dollar, which made dollar-based crude futures seem expensive and spurred selling. The November NYMEX WTI contract moved down $1.59/bbl to close at $77.61/bbl. The November ICE Brent contract decreased $1.05/bbl, closing at $101.71/bbl. PRESSURIZED CARGOES FOB South China prices for cargoes of propane/butane ratio 50:50 for secondhalf October through first-half November loading dropped $3/mt from the previous day to $815-825/mt on Tuesday, weighed down by a downward revision of the expected November CP along with crude decrease. However, most of players were inactive as they found it difficult to grasp the market situation in the near future. On FOB Taiwan, Formosa Petrochemical Corporation (FPC) awarded its sell tender that closed Tuesday at 13:30 hours Taipei time at a discount of $20-30/mt to the October CP. The cargo of 1,500-2,500mt (30:70) would be loaded from Mailiao during Oct 16-31. The cargo apparently had high olefin content. FOB Southeast Asia prices for cargoes of propane/butane ratio 30:70 for second-half October through first-half November loading were unchanged at $825835/mt. Talks were subdued as few Southeast Asia suppliers were seen in the market. One supplier from Singapore had no room to sell for October loading. For November loading, the company was still ascertaining its supply/demand situation. As reported, Shells Pulau Bukom refinery in Singapore was completely shut down due to a fire that broke out last Wednesday. According to some sources, the shutdown would last 4 to 5 weeks, but Shell declined to comment on this. Some sources deemed that Shell would obtain LPG to cover its shortfall from the Philippines or South China. Shell was believed to have a term contract to lift cargoes from Zhuhai, South China. CFR Vietnam prices for second-half October delivery slid $2/mt from the previous day to a premium of $80-85/mt to the October CP. Receding demand sent the market lower. Buying interests from importers receded in line with sluggish domestic sales and high inventories. One importer had determined not to procure spot cargoes for October delivery to Haiphong. Further, cargoes from Dung Quat refinery appeared to be still available at a premium in the low $60s/mt to the October CP. Therefore, even though some importers might have room to buy spot
6

RIM INTELLIGENCE

LP GAS

6F Hakushika Kayabacho-Bldg, 1 Chome 17-18 Shinkawa, Chuo-ku, Tokyo Japan Tel:81-3-3552-2411 Fax:81-3-3552-2415 Singapore Tel:65-6-345-9894 Fax:65-6-345-9894

cargoes, they might rather prefer procuring cheaper cargoes from the domestic market. Consequently, sellers had started giving way to the buyers. One major refrigerated cargo importer apparently lowered its offer to a premium in the mid $80s/mt to the October CP for delivery to both Haiphong and South Vietnam. For South Vietnam delivery, offers were also heard at a premium of $90/mt to the October CP. Prices for first-half November delivery leveled off at a premium of $82-87/mt to the November CP. One importer apparently had demand for spot cargoes for November delivery. If it moved on spot purchase, it would likely do so by issuing a buy tender. The company previously had purchased two 900mt cargoes for October 20-22 and 24-26 delivery. As for truck cargoes for October lifting in Haiphong, discussions were heard at a premium of $85/mt to the October CP. However, some suppliers that wanted to enlarge their profit margins indicated their offers at a premium in the low $90s/mt to the October CP. Deals were reported today as follows: ---30:70 1.5-2.5kt, FPC to unknown, at Oct CP - $20-30 for loading Oct 16-31 PRESSURIZED FREIGHT Freight rates for Singapore-Ho Chi Minh and South China-Haiphong unchanged at $53-58/mt and $43-48/mt respectively on Tuesday.

were

CHINA DOMESTIC WHOLESALE MARKET SOUTH CHINA: The South China wholesale market was not assessed on Tuesday in view of the National Day holidays in China. EAST CHINA: The East China wholesale market was not assessed on Tuesday in view of the National Day holidays in China. NORTH CHINA: The North China wholesale market was not assessed on Tuesday in view of the National Day holidays in China. NORTHEAST CHINA: The Northeast China wholesale market was not assessed on Tuesday in view of the National Day holidays in China. Refrigerated LPG cargo arrival schedule in China (mt) S China Chaozhou dongguan Huizhou* Shenzhen Guangzhou H2 Sep 44,000 22,000 10,000 H1 Oct 22,000 22,000 H2 Oct 22,000 22,000 22,000 S China H2 Sep H1 Oct H2 Oct E China Zhuhai 22,000 22,000 22,000 Jiangsu Zhangjiagang Taicang Western Guangdong Yangjiang* Guangxi Fangcheng Tiansheng 22,000 22,000 Shanghai Taizhou 10,000 30,000
7

Zhuhai* 22,000 22,000 22,000 Total 140,000 88,000 130,000 Total 20,000 22,000 52,000

Zhejiang 10,000 22,000 22,000

Fujian

H2 Sep H1 Oct H2 Oct * Pressurized terminals

RIM INTELLIGENCE

LP GAS

6F Hakushika Kayabacho-Bldg, 1 Chome 17-18 Shinkawa, Chuo-ku, Tokyo Japan Tel:81-3-3552-2411 Fax:81-3-3552-2415 Singapore Tel:65-6-345-9894 Fax:65-6-345-9894

JAPAN DOMESTIC MARKET BARGE: Propane and butane prices dropped yen 750/mt from the previous day to yen 66,500-67,000/mt and yen 74,000-74,500/mt respectively on Tuesday, weighed down by bearish sentiment. The October CP was set at $735/mt for propane and $815/mt for butane, considerably lower than the September CP by $55/mt and $50/mt respectively. As this would be reflected in the November term price, buyers felt that the market might fall going forward and deemed it prudent not to hasten into spot purchase at the moment. Only buying ideas were heard at slightly below yen 66,000/mt. While the term price of refiners varied depending on the period of the TTS exchange rate used, some sources estimated that the October CP-related term price for November lifting would be in the yen 64,000s/mt to the yen 65,000s/mt for propane and in the yen 71,000s/mt to around yen 72,000/mt for butane. As for avails, some sellers apparently had spot propane cargoes for sale. Offers were reported in the high yen 67,000s/mt to around yen 68,000/mt. <EXPECTED CIF JAPAN VALUES (IN YEN/MT)> Oct Sep Aug* Jul* PROPANE 62,600 66,800 67,643 71,244 BUTANE 68,600 71,300 72,348 77,887 The figures above are RIM's expected CIF values for each grade, NOT including the power fuel-use LPG. The quotations in the parenthesis refer to power fuel-use inclusive. *The figures are preliminary CIF values, announced by the Japanese Ministry of Finance. <ESTIMATED END-MONTH STOCKS (IN KT)> Oct Sep Aug* Jul* PROPANE/BUTANE 2,450(0.0%) 2,300(-2.3%) 2,248(-2.0%) 2,148(+2.7%) *The figures are actual inventories, announced by the Japanese LP Gas Association. Figures in brackets are year-on-year changes TRUCK: Keihin: Propane and butane prices stayed intact at yen 66,800-67,800/mt and yen 74,800-75,800/mt respectively on Tuesday. In the case of propane, supply in the Keihin area including Kawasaki was not perceived to be tight. Nevertheless, sellers were loath to see their profit margins erode and maintained their offers in the high yen 67,000s/mt. On the other hand, buying ideas were kept at yen 66,000/mt. As ideas between buyers and sellers did not match, discussions were stalled. As for butane, selling interest was observed in the high yen 75,000s/mt while buying ideas were heard at yen 73,000/mt. Buyers and sellers ideas were wide apart. Under such circumstances, it seemed difficult for a deal to be reached. Hanshin: Propane and butane prices were unchanged at yen 67,500-68,000/mt and yen 75,000-75,800/mt respectively. Offers were maintained at yen 68,000/mt for propane and in the high yen 75,000s/mt for butane. Nonetheless, response from buyers appeared to be lukewarm. One dealer had shown buying interest for propane at yen 67,500/mt up till Monday but decided not to carry out spot purchase as it could not find a buyer to resell to. Another buyer aimed to lower its overall procurement costs and was not keen to purchase unless the price was yen 2,000/mt lower than current offer levels. On the other hand, with the October CP set substantially below September and aided by the strong yen/dollar exchange rate, the October term price of a refiner affiliated to a U.S. Major was seen to be in the high yen 66,000s/mt for propane and in the low-mid yen 72,000s/mt for
8

RIM INTELLIGENCE

LP GAS

6F Hakushika Kayabacho-Bldg, 1 Chome 17-18 Shinkawa, Chuo-ku, Tokyo Japan Tel:81-3-3552-2411 Fax:81-3-3552-2415 Singapore Tel:65-6-345-9894 Fax:65-6-345-9894

butane. The refiner determines its term price based on an average of the previous and current months CP and using an average TTS exchange rate from the 16th of the previous month to the 15th of the current month. Under such circumstances, some buyers postponed discussions in the hope that dealers taking term tonnes from the refiner would move to resell them in the spot market. Other regions: In Chukyo, several sellers were apparently interested in spot saale. In Hekinan, one dealer received an offer for butane in the low yen 73,000s/mt but did not participate in talks as the quantity did not match its requirements. For supply to end-users, one dealer offered propane in the low yen 67,000s/mt. On the other hand, one refiner was said to be offering butane in the low yen 74,000s/mt. Sources reckoned that the refiner had obtained this from another refiner through swap deals. In Kasumi, one seller offered propane at yen 67,000/mt and butane at yen 74,000/mt, relatively lower than other regions. Please refer to the RIM Domestic Market Methodology at, http://www.asia-energylinks.com/method/method.html TENDERS: --Formosa awards pressurized LPG sell tender FOB Taiwans Formosa Petrochemical Corporation (FPC) awarded its sell tender that closed Tuesday at 13:30 hours at a discount of $20-30/mt to the October CP. According to trade sources, the cargo of 1,500-2,500mt (30:70) would be loaded from Mailiao during October 16-31. MARKET NEWS: Following news stories were originally published on RIM Asia Energy Links, the real-time news service at https://www.rim-intelligence.co.jp/cgi-bin/e/index.cgi --6th LPG Trade Summit in Istanbul Turkey 31st Oct-2nd Nov The 6th LPG Trade Summit is scheduled to take place on 31st Oct-02nd Nov 2011 in Istanbul, Turkey. Besides support from official host & LPG market leader Aygaz, delegates can look forward to a lineup of international experts presenting a global LPG discussion agenda on: Outlook of LPG Waterborne Trade & Impacts Arising from Geopolitics Volatility Incremental Production & Export Growth in Black Sea, Middle East, North Africa and North Sea Drivers for Turkey's Domestic Demand & Distribution Movements in LPG Shipping Industry and Freight Market European LPG market - Bound for growth in Petrochemicals and Autogas Asia: Aligning Economic Growth with Demand in Traditional and Emerging Markets Opportunities/Threats Arising from Shale Gas in the US & Biopropane

For more information on program please contact Huiyan at Tel: 65 63469113, email : huiyan@cmtsp.com.sg or visit www.cmtevents.com/main.aspx?ev=111028&pu=208130 --S Korea crude throughput at 2.47-mil b/d, unchanged on week Combined crude oil throughput in South Korea was at 2.47-mil b/d as of Oct 4, unchanged on week, according to a RIM survey of refiners' operating rates on Tuesday. South Korea has a total actual refining capacity of 2.83-mil b/d. Utilization of refining capacity was at 87.3%, flat from a week earlier. --EDITORIAL AND SUBSCRIPTION INQUIRY: Tokyo--Tel: (81) 3-3552-2411 Fax:(81)33552-2415 e-mail: rim@gol.com Singapore--Tel (65)-6345-9894 Fax (65)-6345-9894 Beijing--Tel (86)10-8527-1630 Fax (86)10-6428-1725 Seoul--Tel: (82) 2-723-0717 Fax: (82) 2-723-4563 India--Tel: (91) 98795-50717
9

RIM INTELLIGENCE

LP GAS

6F Hakushika Kayabacho-Bldg, 1 Chome 17-18 Shinkawa, Chuo-ku, Tokyo Japan Tel:81-3-3552-2411 Fax:81-3-3552-2415 Singapore Tel:65-6-345-9894 Fax:65-6-345-9894

**RIM REPORTS ARE AVAILABLE VIA INTERNET E-MAIL** RIM reports are copyrighted publications. No portion of the reports may be photocopied, reproduced, retransmitted, put into a computer system or otherwise redistributed not only to parties outside the organization of the subscriber but also to other departments or branch offices within the same organization as the subscriber. If copyright infringements are found, a fine will be imposed in addition to legal action being taken. While information in the reports is expected to be accurate, RIM bears no responsibility for any consequences arising from the subscriber's use of such information. Further, if events beyond our control such as natural disasters or unforeseen circumstances are to occur or likely to occur, giving rise to operational problems, publications may be halted temporarily. (C) 2011 RIM INTELLIGENCE CO.

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