Qatargas and PetroChina Sign 22-Year Deal
Qatargas signed a long-term sale and purchase agreement (SPA) to supply PetroChina with around 3.4 mtpa of LNG.
Under the 22-year SPA, which ends in 2040, Qatargas will supply LNG from the Qatargas 2 project, a joint venture between Qatar Petroleum, ExxonMobil, and Total, to different receiving terminals across China, with the first cargo to be delivered to the People's Republic of China later this month.
The SPA allows flexibility in delivering LNG to various receiving terminals across China, including the Dalian, Jiangsu, Tangshan, and Shenzhen LNG receiving terminals, utilizing Qatargas' fleet of 70 conventional, Q-Flex, and Q-Max LNG vessels.
Qatargas is the world's largest LNG-producing company with an annual production capacity of 77 million tonnes. PetroChina is China's largest gas supplier, supplying 66% of China's domestic demand in 2017, according to Qatargas. It is anticipated that the People's Republic of China will become one of the world's largest gas markets. Chinese gas consumption grew by 15% in 2017 alone, with LNG imports growing by more than 40%.
What Does China’s LNG Import Tax Mean for the US?
Industry analysts fear bad news for producers, as Chinese demand is expected to be a significant driver in new LNG production. China accounted for 15% of US LNG exports in 2017.
Cheniere and Vitol Sign Long-Term LNG Deal
The contract calls for Vitol to purchase 700,000 tonnes annually over a 15-year period, providing some optimism for companies hoping to secure similar long-term deals.
Private Equity Backs First Sub-Saharan Africa Regas Terminal
The construction of an LNG regasification terminal in Tema, Ghana, in addition to the first delivery of gas from the offshore Sankofa field in August, is decreasing the country’s reliance on liquid fuels and imports. About 80% of its power generation requirements will be met with gas.
Don't miss out on the latest technology delivered to your email every two weeks. Sign up for the OGF newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
12 September 2018
29 August 2018
05 September 2018
07 September 2018