China Gas and Vitol have entered into a long-term swap arrangement. Vitol will purchase 0.5 million tonnes of LNG from China Gas’ contracted US volume on free on board (FOB) basis, and sell 0.5 million tonnes of LNG to China Gas on delivered ex ship (DES) basis from 2029.
Liu Ming Hui, chairman of China Gas says: ‘China Gas is dedicated to providing reliable, efficient, and low-carbon LNG to our clients. The swap deal with Vitol diversifies our LNG portfolio, strengthens downstream supply, and enhances efficiency across the value chain.’
Pablo Galante Escobar, head of LNG, EMEA gas & power of Vitol adds: ‘Vitol’s LNG trading and freight management capability, combined with our global footprint, will help China Gas optimise their LNG portfolio. We look forward to strengthening our relationship with China Gas as we work to identify further opportunities.’
