Shanghai Stock Exchange launches international online platform service to buy natural gas

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The Shanghai Oil and Gas Exchange, a national energy trade center in China, launched yesterday an international bidding service to buy liquefied natural gas via the Internet, according to Al-Germania. According to the Xinhua news agency, this step is the latest step to meet the purchase and sales orders of LNG market entities in the domestic and foreign markets. And Sinopec and Snowwalk, the two Chinese oil and gas giants, announced a purchase tender for the international online LNG trading system on the stock exchange yesterday. In the coming months, the two companies will purchase several LNG cargo ships from the international market, with a displacement of 65,000 tons each, as Sinopec will buy 65,000 tons of LNG on behalf of CR Gas, one of the major coal gas companies. In China. A number of foreign gas suppliers, including: Total, Mitsui & Co., Glencore, RWI and Aramco, have been invited to participate in the bidding.
On August 28, the Shanghai Oil and Gas Exchange began trial operations of its system for purchasing LNG via the Internet from the international market. Sinopec and Snowwalk reached LNG purchase deals with foreign counterparts through its bidding service system. The exchange said that the members currently registered on the exchange could launch medium or long-term tenders to buy or sell LNG through the international exchange system for liquefied natural gas via the Internet. The total volume of transactions reached 130,000 tons, while the Stock Exchange confirmed that currently registered members can offer medium or long-term tenders to buy or sell LNG through the international exchange system for liquefied natural gas via the Internet. The exchange is also studying the establishment of a group buying service for small buyers of LNG, according to market requirements. Finally, according to data released by the National Bureau of Statistics, China recorded rapid growth in natural gas production last month.
The data showed that the country’s production of natural gas rose 7.6 percent year-on-year to 14.6 billion cubic meters last month, accelerating from a 3.7 percent increase in August.





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