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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

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Editorial Comment
-Adrienne Blume
The US East Coast will send out its first LNG exports in early 2018 as Dominion Energy’s Cove Point LNG export facility in Lusby, Maryland becomes operational.

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