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PetroChina May Seek to Buy LNG Cargoes for June Through August

Feb. 22 (Bloomberg) -- PetroChina Co., China’s biggest oil and gas producer, may seek to buy liquefied natural gas cargoes for delivery from June to August.

The company is buying the LNG 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. PetroChina will finalize its requirements after April, he said.

The company bought nine LNG cargoes for delivery from December to March to cope with the country’s cold winter, the official said. He declined to reveal how much PetroChina paid for its spot LNG shipments.

Temperatures in northeastern China were as much as minus 10 degrees Fahrenheit (minus 5.6 degrees Celsius) below normal in January, according to a Feb. 7 report from IHS Inc.

Spot cargoes for delivery to Northeast Asia in four to eight weeks cost $19 per million British thermal units, World Gas Intelligence, an energy research company, reported Feb. 20. That was down from a record high of $19.40 per million Btu a week earlier, WGI said.

PetroChina operates a 3.5 million metric ton-a-year LNG terminal at Rudong in eastern China, another 3 million ton receiving facility at Dalian and is building a new 3.5 million ton site at Tangshan in the country’s northeast, according to data compiled by Bloomberg.

To contact the reporter on this story: Chou Hui Hong in Singapore at chong43@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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