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Guangdong Pearl River said in a statement that the deal was signed in Beijing at the World Gas Conference on May 20.
The Chinese firm said the deal is for 15 years.
However, it did not provide the volume or any additional details regarding the SPA.
This is Guangdong Pearl River’s first long-term LNG purchase agreement.
Guangdong Pearl River said the agreement is a milestone in the development of its natural gas segment, due to the changes in the international natural gas market and the significant increase in price volatility.
It is also an important step for the group to deepen cooperation in the international energy field and expand its global footprint.
Guangdong Pearl River’s website shows that it is somehow involved in Guangdong Energy’s Huizhou LNG terminal.
Last year, Chinese state-owned power utility Guangdong Energy received the commissioning cargo at the 4 mtpa facility.
ConocoPhillips boosting LNG business
On the other hand, ConocoPhillips is heavily investing in expanding its LNG business.
Last year, it signed deals with Germany’s SEFE and Uniper. The firm also made capacity bookings at import terminals in the Netherlands, Belgium, and Germany.
In addition, ConocoPhillips increased its stake in the Australia Pacific LNG export project in 2022, and purchased stakes in QatarEnergy’s giant North Field East (NFE) project and the North Field South (NFS) project.
On the Gulf Coast, ConocoPhillips secured 5 mtpa of offtake from the first phase of Sempra Infrastructure’s Port Arthur LNG project in Texas, and took a 30 percent equity interest in the project.
The company’s total offtake in North America is about 7.4 mtpa, pending FID at Mexico Pacific’s Saguaro Energia LNG.
It is worth mentioning here that China said in February it will impose tariffs of 15 percent on imports of coal and LNG from the US after President Donald Trump imposed a tariff on goods from the country.
Several reports claim that the country has not imported US LNG supplies since then.