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2014-04-30 20:50:00



One of China's largest power producers is buying a stake in a liquefied-natural-gas project on Canada's West Coast, in a rare move that illustrates the pressures faced by Chinese electricity companies to diversify away from coal and toward cleaner-burning fuels.

China Huadian Corp., one of China's five largest state-owned electricity producers, is purchasing a 5% stake in Pacific Northwest LNG, an export terminal being built on an undeveloped island in northern British Columbia. The project is owned by Malaysia's state oil and natural-gas company Petroliam Nasional Bhd., or Petronas, which acquired it in 2012 as part of its 5.5 billion Canadian dollar (US$5 billion) purchase of Canada's Progress Energy Resources Corp.

Financial terms weren't disclosed.

Huadian purchased the stake from China Petrochemical Corp., or Sinopec, according to a Sinopec representative. On Tuesday Sinopec said it purchased a 15% stake in the project, but on Wednesday said it sold a 5% stake to Huadian.

The terminal could begin operating as soon as 2018 and will have the capacity to export 12 million metric tons of LNG a year, Petronas has said.

Under the terms of the deal, Sinopec will import 1.2 million tons of LNG a year, while Huadian will import 600,000 tons a year. Sinopec said Tuesday that it signed a separate agreement to import an additional three million tons of LNG a year from Pacific Northwest LNG for 20 years.

The deal comes as China looks to double the share of natural gas in its energy mix to 10% by 2020 from less than 5% now. Although China has ambitious plans for unconventional fuels such as shale gas, large-scale production is at least a decade away, creating opportunities for importers of LNG—the chilled and exportable form of natural gas. Chinese companies are under increasing public pressure to switch to cleaner-burning fuels as worries rise over the country's massive pollution problems.

Huadian is planning to build a 24 billion yuan ($3.84 billion) LNG terminal in the coastal city of Taizhou with the ability to receive 12 million tons a year.

Petronas has been selling stakes in Pacific Northwest LNG to raise funds for its development, which could cost as much as C$11 billion. The Malaysian energy company already has sold 10% stakes to Japan Petroleum Exploration Co. and Indian Oil Corp.  and will supply them each with 1.2 million metric tons of LNG annually from the project. Petronas also has sold a 3% stake to Brunei National Petroleum Co. in exchange for 3% of Pacific Northwest LNG's annual output.

China has yet to begin importing LNG from Canada. Chinese energy companies are planning to diversify their LNG supplies, which for now come from only a handful of suppliers that include Qatar, Australia, Malaysia and Indonesia.




November, 24, 09:15:00


BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

November, 24, 09:10:00


PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

November, 24, 09:05:00


FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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