LNG

UK major BP posted underlying replacement cost profit, its equivalent of net profits, of $8.2 billion in the third quarter, a two-and-a-half times jump from the $3.3Bln posted in the same three months of 2021.

Japanese utility Tohoku Electric Power has signed a contract with BP of the UK for six cargoes of liquefied natural gas for early 2022 to avoid paying too high a price on the spot market and to help keep inventories at a high level this coming winter.

The Chinese liquefied natural gas market has been undergoing changes through market liberalization, offering more opportunities for international LNG portfolio holders such as BP of the UK, which has just entered China’s domestic wholesale gas supply market.