China’s Jovo expands LNG business

Chinese privately-owned energy firm Jovo continues to boost its LNG business and has recently delivered its first cargo to Cnooc’s Fujian regasification terminal.

Jovo said in a statement its 138,121-cbm LNG Pioneer brought the cargo from Brunei on August 18 to the Fujian LNG terminal in the city of Putian.

This marked the first time that the LNG receiving terminal in Fujian province has opened to third parties, and it is also the first time that Jovo’s own ship has unloaded at the facility, according to the statement.

Also, Sinochem Quanzhou Petrochemical bought the LNG shipment.

Jovo says LNG Pioneer is one of the company’s three LNG carriers. It bought the 2005-built steam turbine LNG carrier in December 2020, it said.

Brokers said earlier this year Jovo paid about $37 million for the LNG carrier to Japan’s MOL.

Jovo, which operates the 1.5 mtpa Dongguan LNG terminal located in Guangdong in South China, has considerably expanded its LNG business over the last couple of years.

The firm has recently ordered one mid-sized vessel with a capacity of 79,800 cbm at China’s Jiangnan Shipyard.

As part of its shipbuilding plan, Jovo also ordered one 93,000-cbm very large gas carrier (VLGC) at Jiangnan.

It expects the entire project to complete in 2024.

Moreover, the firm has earlier this year completed its initial public offering and started trading on the Shanghai Stock Exchange.

It has raised about $414 million from the IPO which it plans to invest in this shipbuilding program.

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