It is reported that China National Petroleum Corporation parent company of PetroChina won a 2,000 ton catalyst sales contract from Chevron. That marks CNPC entry into the American market.

A total of 80 tons of LDO-75 catalyst will be supplied in the first batch, the value of which was not disclosed in the news release.

The catalyst is used to convert heavy oil into light oil. Since the price of light oil is relatively higher in the international market, most purchasers choose to buy heavy oil and then chemically convert it into light oil.

(Sourced from Yicai.com)