business

China executes first int’l LNG tender transaction on Shanghai exchange

SHANGHAI, Nov. 3 (Xinhua) — Shanghai Petroleum and Natural Gas Exchange (SHPGX) on Monday executed its first international liquefied natural gas (LNG) tender transaction, a move aimed at enriching the exchange’s international LNG trade services.

According to the tender result, CNOOC will purchase 65,000 tonnes of LNG to be delivered in March 2021 from Aramco Trading Singapore.

On Oct. 30, SHPGX launched the international LNG tender service on its online international LNG trading system, aiming to provide purchase and sales tender services for international LNG traders.

Chinese oil and gas giants Sinopec and CNOOC announced their purchase tenders through SHPGX’s trading system on the same day, seeking to purchase overseas LNG to be delivered in the subsequent months.

A number of foreign gas suppliers, including Total, Mitsui & Co., Glencore, RWE and Aramco Trading Singapore, were invited to participate in the tenders.

SHPGX said it is mulling the establishment of a group purchasing service for small and medium-sized LNG buyers in accordance with market demand.

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