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.
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