PetroChina May Seek to Buy Two LNG Spot Cargoes for January

PetroChina Co., China’s biggest oil and gas producer, may seek to buy as many as two spot cargoes of liquefied natural gas for January delivery, according to a company official.

The shipments will help to meet peak power demand in the winter, said the official, who asked not to be identified because he isn’t authorized to speak to the media. PetroChina may buy more spot LNG in February and March depending on heating needs in China, he said.

The Beijing-based company purchased some cargoes last month for delivery by December to cope with the country’s cold winter, completing its imports for the year, according to the official. He declined to provide details of volumes and prices.

LNG supplied to northeast Asia rose to $18 per million British thermal units yesterday, the highest in 10 months, according to assessments by World Gas Intelligence, a New York-based publisher of prices for the fuel.

PetroChina bought nine LNG cargoes for delivery from December 2012 to March to cope with the winter last year, the official said. Temperatures in northeastern China were as much as 10 degrees Fahrenheit below normal in January, according to a Feb. 7 report from IHS Inc., a U.S. energy consultant.

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