07 Jun 17, 17:41 – Natural gas, LNG
Sinopec trading arm Unipec is considering signing more term LNG contracts as its trading volumes continue to grow
Beijing, 7 June (Argus) — Chinese state-controlled oil company Sinopec is considering signing further term LNG contracts for supplies starting in 2022 or later, as more of its import terminals come on line.
Sinopec trading arm Unipec is considering signing more term LNG contracts as its trading volumes grow, including cargoes from the US, Unipec president Chen Bo said at the CWC China LNG and Natural Gas Summit in Beijing last month.
The firm has not bought any US LNG cargoes yet, unlike rival Chinese state-run importers CNOOC and PetroChina. But Unipec sold LNG cargoes to buyers in Europe, the Middle East, Argentina and Mexico last year, Chen says.
Sinopec is aiming to start up its third LNG terminal — the 3mn t/yr Tianjin facility — in September-October this year, Chen says. This will bring Sinopec’s total LNG receiving capacity to 9mn t/yr, close to the level of its term contracts. The company has a 2mn t/yr supply agreement with the ExxonMobil-led PNG LNG plant in Papua New Guinea and a 7.6mn t/yr deal with the 9mn t/yr Australia Pacific LNG facility in Queensland.