China’s NOCs stall on third-party terminal access
GDF Suez’s Point Fortin LNG carrier being unloaded at PetroChina’s Caofeidian terminal in November. (Engie)
China’s state-owned majors curtailed third-party access to their coastal LNG terminals in 2015, reversing a trend that began in late 2014, as they looked to defend market share from independent buyers.
The Chinese gas market was oversupplied in the second half of 2015 amid soft demand. The majors restricted third-party imports to avoid exacerbating the glut. Customs data shows last year’s LNG imports were down by 1% from 2014, to 19.63 mt, as the majors minimised contracted volumes by deferring cargoes or tendering them on the spot market.