CPC Corp., Taiwan’s state-run energy company and importer of liquefied natural gas, is scheduled to receive a spot cargo from Nigeria today at its Yongan terminal, according to ship tracking data.
The LNG Ondo, with a capacity of 148,478 cubic meters, will arrive at the port of Yongan in southern Taiwan, according to ship transmissions captured by IHS Fairplay on Bloomberg. The tanker sailed from Nigeria LNG Ltd.’s Bonny Island terminal, where it loaded the supercooled gas and departed May 7.
CPC has no long-term LNG-purchase contracts with Nigeria LNG, according to data compiled by Bloomberg. The company has a 3 million metric-ton-a-year receiving facility at Taichung and a 7.4 million-ton terminal at Yongan, according to data compiled by Bloomberg.
CPC said Feb. 21 it will seek to buy as many as three cargoes of LNG for delivery in April and May to prepare for peak summer power demand driven by air-conditioning needs.
Nigeria LNG, Africa’s largest exporter of the fuel, declared force majeure on exports this month after Royal Dutch Shell Plc discovered a pipeline leak and halted deliveries.
The announcement followed Shell’s shutdown of its Gbaran Ubie and Soku gas facilities after the pipeline leak cut supplies. Force majeure is a legal step that protects a company from liability when it can’t fulfill a contract for reasons beyond its control.
Prices for LNG spot cargoes delivery to Northeast Asia rose last week as the disruption in Nigerian exports tightened supply, according to Energy Intelligence Group.
Spot cargoes for delivery over the next four to eight weeks were at $14.35 per million British thermal units, up from $14.30 per million Btu in the period ended May 13, the research company said May 22 on the website of its World Gas Intelligence publication.