CNOOC Leads First LNG Group Purchasing on Shanghai gas exchange

Emily Chow
Wednesday, December 30, 2020

 Chinese state-owned China National Offshore Oil Corp (CNOOC) has led the first group purchasing order for liquefied natural gas (LNG) on the Shanghai Petroleum and Natural Gas Exchange, the bourse said in a statement on Wednesday.

The 120,000-tonne LNG cargo will arrive in April 2021 via CNOOC's terminals and other approved hubs in Shenzhen and Guangdong, the exchange said. Buyers will have until the end of September to collect their purchases.

The exchange's newly launched group purchasing option for LNG buy tenders allows smaller firms to purchase portions of a larger cargo. Each group is managed by a "leader" who must own an LNG terminal to receive shipment.

The group leader is also responsible for the shipment and its risks, and coordinates splitting the cargo with other buyers.

Twelve firms, including local gas distributors Jindi United Energy Group, Zhejiang Huaqi Energy and Jilin Wansen Gas, are involved in the group purchase.

China is the world's second-largest LNG importer after Japan, and is aiming to create a benchmark price for Asian gas supplies via its natural gas trading exchange. 

(Reporting by Emily Chow; Editing by Jan Harvey)

Categories: LNG Coastal/Inland Asia

Related Stories

Shell Predicts 60% Rise in LNG Demand by 2040 with Asia Leading the Way

ONE Guyana FPSO En Route to ExxonMobil’s Yellowtail Field

Eco Wave Finds Partner for Wave Energy Project in India

Pharos Energy Extends Licenses for Two Vietnamese Gas Fields

ABS Approves Hanwha Ocean’s FPSO Design

RINA to Conduct Pre-FEED Study for Petronas’ CCS Project in Malaysia

Sunda Energy Closing in on Jack-Up Deal for Chuditch-2 Appraisal Well

Sembcorp Signs 10-Year LNG Supply Contract with Chevron

CNOOC Brings Bohai Sea Oil Field On Stream

QatarEnergy Signs Deal with Shell for Long-Term LNG Supply to China

Current News

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Japan’s ENEOS Xplora, PVEP Ink Deal for Vietnam Offshore Block

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

MODEC Gets Shell’s Gato do Mato FPSO Ops and Maintenance Job

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com