CPC Corp., Taiwan’s state-run energy company, said it will seek to buy as many as three cargoes of liquefied natural gas for delivery in April and May,
Taiwan’s sole LNG importer is buying the cargoes to prepare for peak-summer power demand driven by air conditioning needs, according to a company official who asked not to be identified because he isn’t authorized to speak to the media. CPC’s price target for the LNG is $17.50 per million British thermal units, he said.
Spot cargoes for delivery in four to eight weeks cost $19 per million Btu yesterday in northeast Asia, according to World Gas Intelligence, an energy research company. That was down from a record high of $19.40 per million Btu a week earlier, WGI said.
CPC has a 3 million metric-ton-a-year receiving facility at Taichung in central Taiwan and a 7.4 million terminal at Yongan in the country’s south, according to data compiled by Bloomberg.