PetroChina’s Changqing Oilfield to hike gas prices for LNG producers

25 October 2012 07:43  [Source: ICIS news]

SINGAPORE (ICIS)--PetroChina’s Changqing Oilfield has decided to raise the EXW (ex-works) prices of its gas to liquefied natural gas (LNG) producers, by 10% to yuan (CNY) 1.49/cbm ($0.24/cbm) from 1 November, a company source said on Thursday.

The move is to better balance the allocation of gas supplied to different sectors, the source explained.

The price hike is also expected to cool down the overheating investments in liquefaction facilities as the raw material cost is increased, the source added.

China has 56 operational liquefaction plants, 15 of them are consuming gas supplied by Changqing Oilfield, ICIS data showed.

($1 = CNY6.25)

By: Rachel Qian

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