Beijing Gas Group set for first LNG cargo

Beijing Gas Group is set to receive the first of two cargoes of liquefied natural gas from Engie as part of a deal signed in July.

According to sources, the 150,000 cbm cargo that is scheduled for November will be delivered to PetroChina’s receiving terminal at port Caofeidian, near Beijing, Reuters reports.

The July deal between Beijing Gas’ parent company Beijing Enterprises Holding and Engie, former GDF Suez, stipulates the second cargo to be delivered in January, 2016.

Sources reveal that the company is looking to become longer-term LNG buyer, and it was reported in July that the cooperation between Beijing Gas and Engie could develop into a 10-year LNG supply deal.

China is on the path of reforming the LNG trade which would allow private companies to invest in the industry and engage in importing and exporting liquefied natural gas.

Already in 2015, privately-held companies have imported six cargoes of liquefied natural gas, banking on lower prices caused by the supply increase and oil price drop.

LNG World News Staff; Image: Engie