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Thursday, October 17, 2019

Maritime Logistics Professional

November 1, 2018

Zhenhua Buys First LNG Cargo from Chevron

© Igor Groshev / Adobe Stock

© Igor Groshev / Adobe Stock

China's state-run Zhenhua Oil purchased its first liquefied natural gas (LNG) cargo from Chevron Corp to supply a South China-receiving terminal that it won access to in a recent auction, according to Zhenhua officials on Thursday.

The 100-million-cubic-meter cargo was purchased at about $0.30 per million British thermal unit discount to Japan Korea Marker (JKM) quotes on a delivered basis, the officials added.

The cargo, discharged at CNOOC's Yuedong terminal in Shenzhen, was sourced from the Australian Gorgon project operated by Chevron.

Zhenhua and its local partner Longkou agreed in September to pay $26.5 million for the access to use the CNOOC facility, in the first such auction as the world's second-largest LNG buyer pushes to open up its LNG import business dominated by top three state oil majors.

(Reporting by Chen Aizhu, Editing by Sherry Jacob-Phillips)

Chevron Corp.natural gasSouth China