CNOOC inks LNG deals
By Wang Ying (China Daily)
Updated: 2006-10-27 09:18
The market is heating up as CNOOC's bigger domestic rivals Sinopec and
PetroChina strive to take a share, with plans to build terminals in places such
as Shandong, Hebei and Jiangsu.
Although industry analysts have speculated the country may postpone its
massive natural gas import blueprint against the backdrop of high energy prices,
Xu Dingming, a senior official from the National Development and Reform
Commission, said in July that China has its own solutions to secure gas supplies
for these LNG terminals, but "would not import an enormous quantity of the fuel
if prices remain high."
Industry analysts said falling global crude prices might help China secure
more LNG deals in the future if the situation continues.
"In the coming years, China is bound to become one of the major LNG
off-takers. This agreement with CNOOC a company which expects to be purchasing
between 20 and 25 million tons of LNG per year by 2010 confirms once more Suez's
role at the forefront of the LNG business," Rick Grant, chief executive of Suez
Global LNG, was quoted by Reuters as saying on Tuesday.
CNOOC in September announced that it had finalized a deal to buy LNG from the
BP-led Tangguh project in Indonesia for its terminal in East China's Fujian
Province.
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