Completion of the first order of short-term and me

2022-08-05
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On June 5, CNOOC and Shanghai Petroleum and natural gas trading center launched the "one stop access to imported LNG windows" medium and short-term agreement products, which completed the first transaction. This is the further implementation of China's natural gas marketization reform, marking a new milestone in the fair, orderly opening up of China's LNG infrastructure into large-scale and normalization

on June 5, CNOOC and Shanghai Petroleum and natural gas trading center launched the "one stop access to imported LNG windows" medium - and short-term agreement products to complete the first transaction. This is another important product launched by CNOOC after the two window products launched in 2018

the consortium composed of Zhenhua Oil Holding Co., Ltd., Shengli Oilfield Tianyuan gas storage Co., Ltd. and Sanhe Penghao Gas Co., Ltd. stood out among many competitors and won the bid successfully. The products traded this time are designed in a "4+5" structure, and the long-term cooperation resources and spot resources are organically combined, that is, there are 9 vessels in total, including 4 vessels of CNOOC long-term cooperation resources and 5 vessels of users' spot resources, and the contract period is 27 months. The pick-up location covers CNOOC LNG terminals in East Guangdong, Fujian, Shenzhen, Zhuhai, Zhejiang and Tianjin

the conclusion of this transaction is of far-reaching significance to multiple market participants

fair, open and orderly implementation of infrastructure

first of all, the launch of this product enables the third party in society to use the LNG terminal, the main LNG import infrastructure, together with CNOOC in a fair manner. This is another major innovative exploration of the specific path of China's natural gas market-oriented reform, marking a new milestone in the fair, orderly opening up of China's LNG infrastructure into large-scale and normalization

in recent years, China has been promoting the fair opening of infrastructure including pipelines and terminals to third parties. During the year, on March 19, the seventh meeting of the Central Committee for comprehensive deepening reform considered and adopted the opinions on the implementation of the reform of the operation mechanism of oil and natural gas pipelines, which promoted the formation of an oil and gas market system with multi-body and multi-channel supply of upstream oil and gas resources, efficient gathering and transmission through a unified pipeline in the middle, and full competition in the downstream sales market. At the end of May, the national development and Reform Commission and other four departments jointly issued the supervision measures for the fair opening of oil and gas pipeline facilities, to promote the fair opening of oil and gas pipeline facilities, better create a fair and open institutional environment, speed up multi competition in the oil and gas market, and improve the resource continuity guarantee capacity and intensive transmission capacity

the launch of the products in this window period responds to the requirements of national policies and actively promotes the fair opening of the receiving terminal to third parties

the discourse power of the three-party platform of the trading center has been gradually improved.

at present, the whole production process of domestic imported LNG pricing is also very complete. There are two main modes: long-term import and spot import. Among them, it is mainly about long-term resources, accounting for more than 80%. The long-term contract import pricing mainly refers to Japan's JCC crude oil import index. As the country with the largest LNG import potential in the world, China has no say in the field of LNG import pricing

in recent years, the role of Shanghai Petroleum and natural gas trading center in the domestic natural gas market has become more and more prominent, and the discourse power of relevant pricing has gradually increased. The products launched by CNOOC and Shanghai oil and gas trading center this time are of great significance to the trading center itself

as a fair and just third-party platform, Shanghai Petroleum and natural gas trading center makes full use of its localization, which is of great significance for China to break the technological closure of foreign countries. It gives full play to the functions of market allocation of resources and price discovery, actively promotes the fair and open marketization process of China's oil and gas infrastructure, and improves the pricing voice of the trading center and the domestic market

downstream terminals participate in the diversification of imported gas sources

in addition, for Zhenhua petroleum, its direct participant this time, this is its second successful LNG window product. On September 20, 2018, China's first publicly imported LNG window transaction was concluded through the platform of Shanghai Petroleum and natural gas trading center. The product provider was CNOOC Gas & Power Group. Europeans mostly referred to the test results published in the car review magazine when purchasing tires. The product transaction was conducted by the consortium of Zhenhua Oil Holding Co., Ltd. and Longkou Shengtong Energy Co., Ltd

this time, the scale of the consortium is further expanded. The downstream terminals can directly obtain imported resources, reduce intermediate links, and diversify the sources of gas sources. This is a favorable move for the terminals to reduce costs and increase efficiency

4 improve the utilization rate of facilities and increase the supply capacity

at present, there are 21 terminals in normal operation in China, with a total receiving capacity of 69.82 million tons. In 2018, the total LNG import was 53.73 million tons, and the utilization rate of terminals was about 77%. However, the utilization of natural gas in China has an obvious gap between the low season and the peak season, and the utilization rate is lower in the low season

window products can effectively improve the utilization rate of facilities and increase the domestic natural gas supply capacity for the terminal with low long-term utilization rate

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