Page 8 - AsianOil Week 06 2023

AsianOil PIPELINES & TRANSPORT AsianOil

Oman LNG signs supply deal

with China’s Unipec

CHINA STATE-OWNED Oman LNG has reached an November, the company reached agreement on
agreement to supply China’s Unipec with 1mn a 27-year supply deal with QatarEnergy for 4mn
The deal marks the first tonnes per year (tpy) of liquefied natural gas tpy of LNG. The historic deal is the longest such
agreement between (LNG) for a four-year period beginning in 2025, agreement signed to date.
Oman and a Chinese state news agency ONA revealed on February 8. China’s LNG imports are forecast for a mod-
firm. Unipec is the The deal marks the first agreement between est rebound in 2023 to at least 70mn tonnes after
trading arm of China’s Oman and a Chinese firm. Unipec is the trading dropping by 20% year on year in 2022 to 64.4mn
largest refiner Sinopec. arm of China’s largest refiner Sinopec. tonnes. It marked the largest annual decline for
Oman LNG has had a busy start to 2023, the country since it began importing LNG in
having also reached deals to supply France’s 2006.
TotalEnergies and Thailand’s PTT Global LNG The slide in imports was largely due to strict
Company with 0.8mn tpy of LNG. Covid lockdowns combined with a rise in the
The company also signed a contract with use of natural gas from domestic production and
Shell International Trading Middle East FZE for pipeline sources.
the offtake of 0.8mn tpy of LNG as well. As Shell’s While Beijing’s decision in December to
first long-term offtake agreement from Oman, scrap its zero-Covid policy has indicated signs
the deal once again marked a new business part- of an improved economic outlook, struggling
nership for the Gulf country. real estate and weakening exports have tem-
Meanwhile, for Sinopec the deal highlights pered the projected rebound on LNG imports
growing ties with Gulf LNG providers. In for 2023. ™

P8 www. NEWSBASE .com Week 06 10•February•2023