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Zhenhua purchases LNG cargo from Chevron

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LNG Industry,

According to Reuters, China’s Zhenhua Oil has purchased its first LNG cargo from Chevron Corp.

The cargo totalled 100 million m3 and was purchased at US$0.30 per million Btu discount to Japan Korea Marker (JKM) quotes on a delivered basis. Chevron’s Gorgon project, located in Australia, supplied the cargo which has since been delivered to CNOOC’s Yuedong terminal in Shenzhen, China.

Zhenhua and its partner Longkou paid US$26.5 million for access to the CNOOC facility in a recent auction.

This transaction forms part of the wider trend of China seeking to broaden its LNG import market.

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