signed a 15-year binding deal to supply Shanghai city gas firm Shenergy Group 0.5 million tonnes per year of LNG starting in 2024.
State-owned Guangdong Energy Group [GDONGD.UL], Zhejiang Energy Group [ZJGVTA.UL], Zhenhua Oil and private firms like ENN were quick to take advantage of the market reforms and low spot prices for LNG, said Chen Zhu, managing director of Beijing-based consultancy SIA Energy.Their imports will reach some 11 million tonnes this year, up 40% versus 2019, more than 17% of China’s total purchases, said Chen.
With greater access to distribution networks, they are now incentivized to build their own import terminals that could account for 40% of the country’s LNG receiving capacity by 2030, versus 15% now, Chen said., a private piped gas distributor, said his company has been in talks with PipeChina for infrastructure access as it prepares to import LNG next year.
Russia is ready to cooperate with China on this issue.
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