Guangdong Dapeng LNG, operator of China's first LNG receiving terminal, is looking to double its spot cargoes in 2008 from seven last year to meet growing demand, according to the recent indications of the company's president.
Dapeng, jointly owned by China National Offshore Oil Co (CNOOC) and BP, started importing gas last June from Australia under a 25-year supply deal for the terminal, which is able to handle 3.7 million tonnes of gas per year.
Thomas King told Reuters, on the sidelines of an industry conference in Qatar, “We are always in the market for spot contracts. We will be a spot buyer of significant proportion this year. My projection is that we are going to double the number of spot cargoes we did last year... we did seven and we are looking to roughly double that this year.”
Asked if the firm was in talks with vendors, King said, “A portion of the volume is directed from the Atlantic Basin. We are looking wherever we can get reasonably priced gas.”
King also noted that the firm's second terminal was under construction and is likely to be completed in the first half of this year.