October 21, 2024 [Vitol]- China Gas Hongda Energy Trading Co., LTD. (China Gas) and Vitol have entered into a long-term swap arrangement. As part of the agreement Vitol will purchase half a million metric tons of LNG from China Gas’ contracted US volume on FOB basis and sell half a million metric tons of LNG to China Gas on DES basis from 2029.
Mr. Liu Ming Hui, Chairman of China Gas Holdings said: “As a major participant in the China energy market, China Gas is dedicated to providing reliable, efficient, and low-carbon LNG to our clients. The swap deal with Vitol, a renowned global energy trading tycoon, diversifies our LNG portfolio, strengthens downstream supply, and enhances efficiency across the value chain. We are confident that with Vitol’s sustainable support, our two companies will explore even more comprehensive collaborations in the future, and from this moment, China Gas’s clean energy business will develop and expand steadily.”
Mr. Pablo Galante Escobar, Head of LNG, EMEA Gas & Power of Vitol added: “We are delighted to enter into this swap arrangement with China Gas, a highly respected company and an important participant in China’s gas market. Vitol’s LNG trading and freight management capability, combined with our global footprint, will help China Gas optimize their LNG portfolio. We look forward to strengthening our relationship with China Gas as we work to identify further opportunities. Vitol is committed to offering reliable and flexible LNG solutions to customers worldwide.”
China Gas is one of China’s leading clean energy suppliers and one of the top five city gas operators in the country. The company operates 661 pipeline natural gas projects, as well as 32 long-distance pipeline projects. China Gas serves approximately 50 million users, covering about 180 million urban and rural residents, with an annual natural gas sales volume of 36 billion cubic meters.
Vitol has traded LNG for over 20 years. It is expanding its presence globally and last year delivered over 17 million tonnes of LNG worldwide
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