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Linxing Gas Sales Agreement Extension

Source: www.gulfoilandgas.com 6/6/2018, Location: Asia

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Sino Gas & Energy Holdings Limited’s (Sino Gas) Joint Venture company, Sino Gas & Energy Limited (“SGE”), in conjunction with its Linxing Production Sharing Contract Partner, China United Coalbed Methane, has agreed terms for a one-year extension to 31 March 2019 of a Gas Sales Agreement with Shanxi GuoHua Energy Limited Company, a Sinopec subsidiary and one of the largest gas distribution companies in Shanxi Province.

The agreed average sales price, effective 1 April 2018, has increased 5% from the previous contract to RMB 1.61 per cubic metre (~US$7.12 per Thousand standard cubic feet 1), taking into account seasonal adjustments, and is the same price agreed with the other current gas buyer of Linxing gas per the announcement made on 29 March 2018.

Sino Gas’ Managing Director Glenn Corrie said, “This agreement is consistent with SGE’s natural gas marketing strategy to maximise price, volume off-take and certainty by maintaining a diversified portfolio of gas buyers”.

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