China Gas Holdings signs two 20-year LNG supply deals with Venture Global (updated)

China Gas Holdings

24/02/2023 03:15

(Updates with details, background)
       SINGAPORE, Feb 24 (Reuters) - Chinese gas distributor
China Gas Holdings  0384.HK  said on Friday it agreed to two
20-year liquefied natural gas (LNG) supply contracts with U.S.
exporter Venture Global.
    China Gas Holdings, via its wholly-owned subsidiary China
Gas Hongda Energy Trading Co, will buy a total of two million
tonnes per year of LNG from Venture Global under the two
contracts, the company said in a statement. The contracts will
begin from 2027, a company executive told Reuters.
    The LNG supply would come from Venture Global's two LNG
projects in Louisiana, Plaquemines LNG and the CP2 LNG. The
projects would each supply one million tonnes of LNG per annum
to China Gas, according to the statement from China Gas. 
    China Gas Holdings had last June signed a deal with U.S.
firm Energy Transfer to receive 0.7 million tonnes of LNG a year
on a free-on-board basis for 25 years. The first deliveries are
expected to start in 2026. 
    In 2021, Venture Global also inked several large deals with
firms in China, who ranked as the world's top LNG importer that
year. It signed a 20-year deal with state oil giant Sinopec for
4 million tonnes of LNG per year, and agreed to provide 3.8
million tonnes of supplies per year to Unipec, a subsidiary of
Sinopec.     
    Venture Global also signed a 20-year deal to sell 2 million
tonnes of LNG per year to a unit of China National Offshore Oil
Corp (CNOOC).
 (Reporting by Emily Chow and Chen Aizhu; Editing by Jacqueline
Wong)
 ((emily.chow@thomsonreuters.com; Reuters Messaging:
emily.chow.thomsonreuters.com@reuters.net))