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China's Unipec Will Keep Reselling Term LNG Cargoes

Source: Reuters 5/17/2017, Location: Asia

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China's Unipec, trading arm of state oil major Sinopec, resold more than 2 million tonnes of term cargoes of liquefied natural gas (LNG) last year and expects to sell more this year, president Chen Bo said on Wednesday.

Chinese oil majors, including Sinopec, have been forced to resell term LNG or renegotiate deals due to strong competition from cheaper and abundant spot supplies.

"We were facing strong domestic market pressure ... thus the need to boost global trading of LNG," Chen told Reuters on the sidelines of a gas industry conference in Beijing.

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