Sinopec buys 25 cargoes through end-2024
China’s state-dominated gas giant Sinopec is well supplied, having issued a tender this autumn to purchase a total of 25 LNG cargoes, delivered on an ex-ship basis, between October 2023 and the end of this year. The price of these cargoes was not disclosed, though Sinopec wanted them to be indexed to the Japan-Korea-Marker (JKM) benchmark, except for the first one. The first shipment was delivered in October, followed by six in November and seven in December – leaving one cargo per month throughout 2024. Chinese authorities urged importers and domestic gas producers to source more of the cleaner-burning fuel as the country’s electricity use increased throughout the autumn.