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China Sinopec seeks long-term LNG as prices remain low
7/24/2020 12:00:00 AM

China's Sinopec is seeking liquefied natural gas (LNG) for delivery over a 10-year period to take advantage of the current low prices as gas demand has fallen because of the coronavirus pandemic.

Sinopec, officially named China Petroleum & Chemical Corp, is seeking 1 million tonnes of LNG a year for delivery over 10 years starting from 2023, said six industry sources.
Offers are due by Friday and will remain valid until mid-August, one of the sources said.
The firm is likely seeking long-term LNG at a time when prices for both long-term contracts and spot cargoes are low, a second source said.
Asian spot LNG prices LNG-AS , which buyers are increasingly using as a gauge to negotiate their long-term contracts, are hovering near record lows.
Prices of long-term contracts that are typically priced on Brent oil are also being negotiated at lower levels.
Source: Zawya