On September 20, 2018, CNOOC Gas & Power Group (hereinafter “Gas & Power Group”) auctioned the window slot (October 22-26) of Yuedong LNG receiving terminal at the Shanghai Petroleum and Natural Gas Exchange (SHPGX). The consortium formed by ZhenHua Oil and Longkou Senton Energy Co. Ltd. (Senton) obtained the window product at RMB0.265/cubic meter for one spot LNG shipment (approximately 100 million cubic meters) after 20 rounds of competition.
This is the first time Chinapublicise auction on LNG import window slot and is a milestone for the opening-up of China’s natural gas market. Xinhua News Agency, Reuters, Platts, Argus and other domestic and foreign media covered this auction, causing a stir at home and abroad.
The success of the auction marks ZhenHua Oil’s march towards its 13th Five-Year Strategy which places equal emphasis on the development of both oil and natural gas.