China's CNOOC, PetroChina invite LNG tenders on Shanghai gas exchange

SHANGHAI: Subsidiaries of Chinese state-owned energy firms PetroChina and China National Offshore Oil Corp (CNOOC) will invite global bids for liquefied natural gas (LNG) on the Shanghai Petroleum and Natural Gas Exchange on Friday.

However, statements from the Shanghai exchange did not specify the delivery period and volumes for LNG cargo procurements by PetroChina International, a unit of PetroChina, and CNOOC Gas & Power group, a fully owned subsidiary of CNOOC.

PetroChina will award its tender on Friday, one of the statements said. The Shanghai exchange had launched its international LNG tender services in late October.

China imported nearly 6.4 million tonnes of LNG in November, its highest monthly volumes since December 2019, Refinitiv Eikon data showed, with this month's volumes expected to surpass that of November, according to trade sources.

The increase in imports by the world's second largest economy is one of the main factors pushing up spot Asian LNG prices to nearly two-year highs, they said.

China's economy has seen a steady rebound from the coronavirus pandemic, with both exports and manufacturing activity rising rapidly in November. Its latest factory gate prices had also fallen at a slower pace last month.