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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Russia: Exxon Still Drilling in its Arctic

ExxonMobil is still drilling in the Russian Arctic, a Russian minister said on Friday, in move that if confirmed will anger Washington after the U.S. administration

LNG

Finland Grants Support to Three Small LNG Terminals

The Finnish government granted 65.2 million euros (84.22 million US dollar) in subsidies to build three small liquefied natural gas (LNG) terminals to cut on use

Ingram to Build 20 Tank Barges in 2015

Ingram Barge Company announced that it will build 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.4308 sec (2 req/sec)