China’s biggest LNG buyer has teamed up with the country’s main oil and gas trading centre to sell surplus contracted volumes imported into the eastern seaboard.
State-owned China National Offshore Oil Corp. (CNOOC) will supply LNG shipped to the Ningbo terminal for bidding on the Shanghai Petroleum and Gas Exchange (SHPGX) – an electronic platform for spot trades billed as China’s answer to the Henry Hub. CNOOC will provide the gas through its Zhejiang sales subsidiary, which sells gas to Zhejiang, Jiangsu, Anhui and Shanghai.
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