LNG News Editor:
China Petroleum and Chemical Corp., or Sinopec, the largest Chinese owner of oil refineries and with growing LNG volumes to match its contracted Australian supplies, reported a tumble in net profits of almost 46 percent in the year to date because of the double challenges in the energy market.
Grupo HAM of Spain, the LNG and gas fuel infrastructure company, said its subsidiary in Chile has been chosen to design, construct and commission the South American nation’s first LNG filling station.
HAM Chile was given the contract by regional company Lipigas Co.
This station will be sited at fuel facilities of Transportes San Gabriel in Linares, 300 kilometres south of the capital Santiago.
Linares is in the Maule Region and very close to the Ruta Cinco Sur, the Chilean part of the Pan-American Highway, the country's main land transportation artery.
“The project has been possible thanks to Lipigas's commitment to vehicular LNG, with the aim of contributing to sustainable development through the design of efficient energy solutions that help its customers in the challenge of reducing CO2 emissions, nitrogen oxides and fine particles,” said HAM.
The new service station will allow the continuous supply of LNG to a fleet of 30 trucks from the company, Cervecera AB Chile, which will be incorporated into the transport fleet of Transportes San Gabriel.
Lipigas is a player in the energy market in Latin America, with a presence in Chile, Colombia and Peru.
HAM Chile has been operating for several years in South America and has its own facilities and staff based near Santiago.
The Spanish parent company announced earlier in October that it had designed and manufactured a mobile natural gas fuel station in Calais for international truck transport between the French Channel port and the UK as its European network grows to over 70 stations.
China's liquefied natural gas imports increased by 13 percent in September, though were still well short of the monthly shipments received by the world’s No. 1 importer Japan.
LNG News Editor:
Naturgy Group, the Spanish-based global utility and LNG market participant, saw nine-month earnings drop but still turned a profit and its earnings report gives an insight into the natural gas and power sectors from Spain to South America during the Covid-19 era.
Naturgy, the Spanish utility and buyer of both Russian and US liquefied natural gas volumes, has agreed to extend its long-term LNG supply contract with the Puerto Rico Electric Power Authority.
China’s domestic gas market tightens as the winter approaches and CNOOC anticipates a 10% rise in demand to 148.7 billion cubic meters (bcm). In northern China, gas demand peaks during the heating season but CNOOC Gas & Power warned supply will be just 147.5 bcm and delays to LNG regas terminal expansions could limit imports.
City-gas distributors in China will benefit from timelier fuel-cost pass-through under the national gas market reform, Fitch Rating reckons. With pipeline access now open to all, those with access to cheap LNG enjoy lower gas procurement costs which will be passed on to end-customers.
President Xi Jinping has pledged that China, the world’s largest carbon emitter, will reach peak emissions before 2030 and aspires to become carbon-neutral by 2060. If realized, this ambitious goal is set to impact global commodity markets and seaborne trade.
China Petroleum and Chemical Corp., better known as Sinopec, has seen net profits slump 45.7 percent to 23.51 billion Chinese yuan ($3.5 billion) in the year to date in a challenging market. Net profits fell despite a rise in the company’s LNG imports to 12.53 mt on an annualized basis, including more than 7 mt from Australia.