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China's CNOOC tenders to sell May-November LNG cargoes -trade

01/21/2022 | 06:00am EDT
Logos of China National Offshore Oil Corporation (CNOOC) are displayed at a news conference in Hong Kong

SINGAPORE (Reuters) - China National Offshore Oil Company, or CNOOC, is selling liquefied natural gas cargoes for delivery from May through November in a tender closing on Friday, traders said.

CNOOC, China's largest LNG importer, offered an unspecified number of cargoes on delivered ex-ship basis.

"It's a totally logical move to sell in the market when JKM prices are much higher than domestic Chinese prices," said a Beijing-based trader with knowledge of the tenders, referring to Asian benchmark Japan Korea Marker.

China's Sinopec Corp also has a tender closing on Friday, selling up to 45 cargoes for February-October delivery.

China, the world's largest LNG buyer, last brought in 7.63 million tonnes of the super-chilled fuel in December, up only 1.6% from a year earlier as stubbornly high spot prices hurt purchases while the domestic market was amply supplied with peak local production and record imports of piped gas.

(Reporting by Chen Aizhu; Editing by David Goodman)

ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CNOOC LIMITED 2.81% 10.98 Delayed Quote.33.00%
LONDON BRENT OIL 2.03% 115.43 Delayed Quote.44.71%
MSCI SINGAPORE (GDTR) -0.93% 5492.55 Real-time Quote.-11.69%
S&P GSCI NATURAL GAS INDEX 4.23% 393.3889 Real-time Quote.108.18%
WTI 0.99% 113.07 Delayed Quote.47.74%
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