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Unipec ... reselling cargoes

Unipec ... reselling cargoes

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



China's Unipec, trading arm of state oil major Sinopec, resold more than 2 million tonnes of term cargoes of liquefied natural gas (LNG) last year and expects to sell more this year, president Chen Bo said.
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. -- Reuters