Sinopec to hold LNG auction as China's winter heating season nears
BEIJING (Reuters) — A unit of China’s Sinopec Group will hold a LNG auction on the Shanghai Petroleum and Gas Exchange (SHPGX) on Nov. 14, the exchange said on Friday, without revealing the volume on offer.
Potential buyers are invited to submit bids to Sinopec’s Guangxi gas sales subsidiary from 0900–1130 Beijing time (0100–0330 GMT) and 1330–1500 (0530–0700 GMT) on that day, the SHPGX said in a statement on its website.
The auction comes on the eve of China’s peak winter heating season, which gets under way in mid-November, and amid warnings of severe gas shortages in the coming months.
This winter, millions of homes across the colder northern regions will be heated by gas instead of coal for the first time, as part of Beijing’s efforts to boost clean fuel use.
Reporting by Tom Daly; Editing by Elaine Hardcastle
The ongoing development of shale gas resources in the US has spurred infrastructure construction for both natural gas processing capacity and LNG export terminals.
Russian natural gas monopoly Gazprom is strengthening its presence in the gas market of the Middle East through the planned construction of an 11-metric-MMtpy–12-metric-MMtpy LNG plant in Iran.
The New LNG Imperative
The shale gas boom established the US as the world’s leading natural gas producer and is responsible for billions of dollars of investments in the US gas processing industry. Since 2012, the US has witnessed unprecedented growth in new gas processing capacity and infrastructure. This rise is due to greater production of domestic shale gas, which is providing cheap, available feedstock to fuel the domestic gas processing, LNG and petrochemical industries. New gas processing projects include the construction of billions of cubic feet per day of new cryogenic and gas processing capacity, NGL fractionators, multi-billion-dollar pipeline infrastructure projects, and the development of millions of tons per year of new LNG export terminal construction. Attend this webcast to hear from Lee Nichols, Editor/Associate Publisher, Hydrocarbon Processing, Scott Allgood, Director-Data Services, Energy Web Atlas and Peregrine Bush, Senior Cartographic Editor, Petroleum Economist as they discuss the future of LNG and the application of Energy Web Atlas, a web-based GIS platform which allows users to track real-time information for every LNG project.
November 29, 2017 10am CST