China Gas and Vitol enter into a long-term swap arrangement
Published by Jessica Casey,
Editor
LNG Industry,
China Gas Hongda Energy Trading Co., LTD (China Gas) and Vitol have entered into a long-term swap arrangement. As part of the agreement, Vitol will purchase 500 000 t LNG from China Gas’ contracted US volume on FOB basis and sell 500 000 t of LNG to China Gas on DES basis from 2029.
Liu Ming Hui, Chairman of China Gas Holdings, said: “As a major participant in the China energy market, China Gas is dedicated to providing reliable, efficient, and low-carbon LNG to our clients. The swap deal with Vitol, a renowned global energy trading tycoon, diversifies our LNG portfolio, strengthens downstream supply, and enhances efficiency across the value chain. We are confident that with Vitol's sustainable support, our two companies will explore even more comprehensive collaborations in the future, and from this moment, China Gas’s clean energy business will develop and expand steadily.”
Pablo Galante Escobar, Head of LNG, EMEA Gas & Power of Vitol, added: “We are delighted to enter into this swap arrangement with China Gas, a highly respected company and an important participant in China’s gas market. Vitol’s LNG trading and freight management capability, combined with our global footprint, will help China Gas optimize their LNG portfolio. We look forward to strengthening our relationship with China Gas as we work to identify further opportunities. Vitol is committed to offering reliable and flexible LNG solutions to customers worldwide.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/18102024/china-gas-and-vitol-enter-into-a-long-term-swap-arrangement/
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