China's Unipec to keep reselling term LNG cargoes this year

BEIJING (Reuters) -- China's Unipec, trading arm of state oil major Sinopec, resold more than 2 MMt of term cargoes of LNG last year and expects to sell more this year, president Chen Bo said on Wednesday.

Photo Courtesy of Reuters.

Chinese oil majors, including Sinopec, have been forced to resell term LNG or renegotiate deals due to strong competition from cheaper and abundant spot supplies.

"We were facing strong domestic market pressure ... thus the need to boost global trading of LNG," Chen told Reuters on the sidelines of a gas industry conference in Beijing.

Reporting by Chen Aizhu; Writing by Josephine Mason; Editing by Tom Hogue

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