Sinochem Energy Signs LNG Long-Term Purchase and Sale Agreement with Guangzhou Development Group

Source:     Author:     Date:2022-03-07     

On March 4, Sinochem Oil Co., Ltd. (Sinochem Oil), a subsidiary of Sinochem Energy Co., Ltd. signed an LNG long-term purchase and sale agreement with Guangzhou Gas Group Co., Ltd. (Guangzhou Gas), a subsidiary of Guangzhou Development Group (Guangzhou Development) in Beijing. Zhong Ren, Vice President and member of Leading Party Group of Sinochem Holdings, General Manager and Secretary of the Party Committee of Sinochem Energy, Cai Ruixiong, Secretary of the Party Committee and Chairman of Guangzhou Development, and Wu Hong, Vice General Manager of Guangzhou Development, attended the signing ceremony. Wu Wenlong, General Manager and Secretary of the Party Committee of Sinochem Oil, and Liu Jingbo, Secretary of the Party Committee and Executive Director of Guangzhou Gas, signed the agreement on behalf of the two parties.

According to the agreement, Sinochem Oil will sell LNG, approximately 400,000 tons per year, to Guangzhou Gas starting in 2023 for a period of 10 years. On the same day, both parties signed a cooperation agreement, which affirmed both parties’ cooperation in international LNG trade, LNG receiving stations, and domestic natural gas market development. The signing of this cooperation agreement and the LNG long-term purchase and sales agreement marks the beginning of deep cooperation between Sinochem Energy and Guangzhou Development Group in the natural gas industry as the two seek to ensure domestic energy security and the stable supply of energy. It means the two sides working together to promote the transformation and upgrading of the energy industry and green innovation development of enterprises and contributing to the carbon peaking and carbon neutrality goals.

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