CNOOC Might Announce New LNG Supply Deal

Tuesday, August 01, 2006
China National Offshore Oil Co. (CNOOC) could announce a liquefied natural gas (LNG) supply deal in about two to three months, its first in four years, reported China Knowledge Online. This move signals that the company, which is leading China into the LNG market, is ready to pay higher prices. Prices have approximately doubled since China’s first landmark deal four years ago at $3 per million British thermal unit (BTU). The country appears to be accepting that if it continues to stall supply talks, it will not be too successful in promoting the use of LNG in the country. According to an anonymous CNOOC senior official, the deal will restart CNOOC’s drive to obtain supplies for its five planned terminals by end 2007. Chinese media had recently reported that CNOOC was in advanced talks with Malaysia to supply the Shanghai terminal. CNOOC, whose LNG terminal in southern Guangdong province was China’s first, plans to build another four on the east and southeastern coast in Fujian, Shanghai, Ningbo and Zhuhai by around 2010. Competitors Sinopec and PetroChina are also planning about half dozen terminals along the northern coast. The second phase of CNOOC’s Guangdong terminal will increase capacity by 6.2 million tons per year (tpy), while the other four projects would need 3 million tpy each from around 2010. To supply its five terminals, CNOOC alone could need to buy as much as 18 million tpy of LNG, near the imports into South Korea, the world's second-largest LNG buyer. (Source: China Knowledge Online)
Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

BP Quits Indonesian Blocks on Risk Concerns

UK-listed energy giant BP has decided to relinquish two exploration blocks to Indonesia, after a survey of the blocks found them to be high risk, the company said on Friday.

Yemen Lifts Force Majeure on LNG Deliveries

Yemen on Friday lifted force majeure on liquefied natural gas (LNG) deliveries from its Balhaf plant, trading sources with knowledge of the matter said. Reuters reported last week that the 6.

LNG

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Yemen Lifts Force Majeure on LNG Deliveries

Yemen on Friday lifted force majeure on liquefied natural gas (LNG) deliveries from its Balhaf plant, trading sources with knowledge of the matter said. Reuters reported last week that the 6.

Gazprom, OMV Ink Additional Deal

Vienna hosted today the signing of an Addendum to the existing contract for gas supply to Austria between Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Gerhard Roiss,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1977 sec (5 req/sec)