(Update) CNOOC Awards Aramco on First SHPGX LNG Tender
SHPGX announced on its website on October 28 to put the first LNG import tender on the international LNG trading system from October 30 for global LNG traders. CNOOC’s gas arm, CNOOC Gas & Power Group opened the tender and schedules to close the tender by 4 P.M. (GMT +8 Beijing) on November 2 and then award it by 6 P.M. on the same day.
SHPGX’s international LNG trading system is designed for LNG imports in an open platform to help global LNG suppliers and traders to reach out Chinese buyers, and the platform provides options for spot, mid-team contractual and long-term contractual tender and bidding mechanism based on cargoes from overseas in both CNY and USD contracts. The system was opened for test in August, and CNOOC and Sinopec purchased one cargo each during the test run.
In 2020, with the enforcement of PipeChina and the double development dynamics strategy, SHPGX has performed keen on its role in the brand new economic atmosphere to connect the overseas and domestic market. Facing the upcoming winter heating season, this new system is expected to provide a new access for domestic LNG buyers to source international cargoes, and for a long-term view when PipeChina is ready to put spare slots for public bidding, this matured system then will be the first choice as the trading platform.
