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BP, Repsol to supply China's terminal With LNG spot cargoes

Updated: 2011-01-10 15:37

(Agencies)

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BP Plc and Repsol YPF SA may supply two spot cargoes of liquefied natural gas to China in January, Bloomberg reported citing ship-tracking data.

Castillo de Santisteban, a 173,673 cubic-meter tanker, may reach Shanghai's LNG terminal on Jan 18, carrying a cargo from Peru's Pampa Melchorita facility, according to AISLive on Bloomberg Monday. Repsol YPF has marketing rights for the cleaner-burning fuel from the 4.5 million ton-a-year facility, according to New York Energy Intelligence Group's World LNG Review.

One of China's three LNG terminals may receive a shipment on Jan 24 on BP's British Merchant, a 138,517 cubic-meter vessel, from Point Fortin, Trinidad & Tobago, according to transmissions from ships. A cargo was delivered to Guangdong Dapeng LNG Corp on Jan 7 on the GDF Suez Cape Ann, a 145,000 cubic-meter vessel, possibly from Idku in Egypt.

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China didn't buy any spot supplies in November compared with three cargoes from Yemen, Russia and Trinidad & Tobago in October, according to customs data.

Prices of ex-ship spot LNG into East Asia for delivery 30 days ahead were $9.90 per million British thermal units as of Jan 5, according to bids and offers gathered by Spectron Group, a brokerage owned by Imarex ASA. That's more than twice the price of benchmark gas futures at Henry Hub in the US, and about $1.20 per million Btu more than benchmark U.K. gas, used to price spot cargoes delivered to Asia.

Imports of LNG by China rose 23 percent from a year earlier to 727,575 metric tons in November, according to the General Administration of Customs.

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