petrochina and lng imports article - fyi

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Published January 02, 2013
PetroChina buying more LNG for soaring winter needs
Company to import 400m cubic metres in first quarter
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Stocking up: China, the world's fourth-largest gas consumer, typically sees a rise in demand for the cleaner-burning fuel for heating needs from November to March. - PHOTO: BLOOMBERG

[BEIJING] PetroChina, China's largest oil and gas producer, will import an additional 400 million cubic metres of liquefied natural gas (LNG) from the spot market for the first quarter to meet surging winter demand, parent company CNPC said on Monday.

Last week, China had asked its energy firms to boost natural gas supplies as some parts of the country reported shortages.

China, the world's fourth-largest gas consumer, typically sees a rise in demand for the cleaner-burning fuel for heating needs from November to the end of March.

More purchases by the People's Republic would further boost Asian LNG prices, which have been rebounding sharply since hitting 17-month lows in a post-summer lull up to early October, rising from US$12.5 per million British thermal units (mmbtu) to around US$17/mmbtu earlier last month