Gas for Transport

Sinopec expands presence in LNG transport fuel sector

Sinopec has completed the creation of a joint venture with NewOcean Energy – southern China’s largest LPG importer and wholesaler – to develop LNG and LPG projects in Guangzhou, giving the state-run energy giant a toehold in China’s emerging LNG fuel market.
By Li Xin 4 September 2013 0 3689

Sinopec has completed the creation of a joint venture with NewOcean Energy – southern China’s largest LPG importer and wholesaler – to develop LNG and LPG projects in Guangzhou, giving the state-run energy giant a toehold in China’s emerging LNG fuel market.

China is set to overtake the United States as the world’s biggest buyer of crude by 2017, according to Wood Mackenzie. The consultancy predicts the country will spend $500 billion on crude imports every year by 2020, with foreign oil meeting 70% of demand.

Beijing...