Skip to main content

China's CNOOC plans LNG sale

Published by
LNG Industry,

Reuters are reporting that China National Offshore Oil Corp (CNOOC) will next week auction one or two cargoes of LNG for delivery later in the year on the Shanghai Petroleum and Gas Exchange, the state-controlled company’s first such deal.

The move comes as China aims to increase the availability of cleaner fuels and give factories that use the fuel a chance to lock in prices ahead of the winter heating season as the government aims to wean the nation off coal to reduce air pollution.

Natural gas shortages this winter caused chaos, cutting off supplies to industrial users and causing big spikes in prices.

The pre-sale of the cargoes will be held on the exchange on 18 April for delivery in July and November, the exchange said.

An official at CNOOC familiar with the plan said it is the first time the company has agreed to do a forward sale of LNG on the exchange.

The cargoes will be delivered from the Ningbo terminal in Zhejiang province, the exchange said.

Trading volumes on the Shanghai exchange, which was launched in early 2015 were pretty thin in the first two years, but they picked up late last year ahead of the severe gas crunch this past winter.

It is backed by state news agency Xinhua; China’s top three state oil majors Sinopec, China National Petroleum Corp (CNPC) and CNOOC; and five gas distributors, including China Gas Holdings, ENN Group and state-run utility Huaneng Group.

Read the article online at:

You might also like

Kabel Schlepp

WEBINAR - Key criteria to ensure proper selection of a cable drag chain

In this webinar KabelSchlepp will review and discuss the items needed to ensure that a cable track is properly selected and sized for the user’s application. How diameters and weights of the fill package effect cable track selection and how the jacket material of the fill package influences the cable track design. Register for free today »


PTT buys year’s supply of LNG

Thailand’s PTT has purchased 10 LNG cargoes for delivery over the course of a year, starting in March 2020.


Embed article link: (copy the HTML code below):


This article has been tagged under the following:

China LNG news


LNG Industry is not responsible for the content of external internet sites.