Jan. 7, 2010 (China Knowledge) - China National Petroleum Corp, China National Offshore Oil Corp and Shenergy Group, the parent of Shenergy Co Ltd<600642>, jointly imported 65,000 tons of liquefied natural gas to ease the temporary domestic shortage, according to a statement released by CNPC.
The imported LNG, equivalent to 90 million cubic meters, has been received in Shanghai, but CNPC suffered losses exceeding RMB 60 million because the price after LNG gasification is higher than from the country's west-to-east gas pipeline project, the oil giant said.
Due to dropping temperatures, many Chinese cities' LNG demand exceeds supply. Cities suffering shortages include Wuhan, Chongqing, Xi'an, Nanjing and Hangzhou.
General Administration of Customs' previous report said that the country imported 433,900 tons of LNG in October and that the amount swelled to 588,400 tons in November.
Reportedly, a US$40-billion, 20-year contract between PetroChina Co Ltd<601857><0857><PTR>, a major subsidiary of CNPC, and Australia-based Woodside Petroleum, was recently canceled.
The imported LNG, equivalent to 90 million cubic meters, has been received in Shanghai, but CNPC suffered losses exceeding RMB 60 million because the price after LNG gasification is higher than from the country's west-to-east gas pipeline project, the oil giant said.
Due to dropping temperatures, many Chinese cities' LNG demand exceeds supply. Cities suffering shortages include Wuhan, Chongqing, Xi'an, Nanjing and Hangzhou.
General Administration of Customs' previous report said that the country imported 433,900 tons of LNG in October and that the amount swelled to 588,400 tons in November.
Reportedly, a US$40-billion, 20-year contract between PetroChina Co Ltd<601857><0857><PTR>, a major subsidiary of CNPC, and Australia-based Woodside Petroleum, was recently canceled.
