The second phase of LNG terminal of Sinopec Tianranqi Company has been completed in Qingdao, East China's Shandong Province on Tuesday. The LNG terminal's transfer capacity reached 7 million tons per year, equivalent to 9.6 billion cubic meters of natural gas. Photo: VCG

Intended deals at the 4th China International Import Expo (CIIE) on energy products will increase by 22 percent from last year's event, while intended deals for liquefied natural gas (LNG) will double, according to a senior Chinese official. 

Ren Hongbin, vice chairman of the State-Owned Assets Supervision and Administration Commission (SASAC), called on state-owned enterprises (SOEs) to take the initiative to secure China's energy supply and expand international energy cooperation by using the CIIE platform to diversify energy supply sources.

Ren revealed that the value of intended contracts of traditional energy products, including oil, natural gas and coal, during the CIIE will increase 22 percent from 2020, and the figure for new energy sources such as LNG is expected to double.

The SASAC organized a total of 98 purchase groups from more than 50 SOEs during the 4th CIIE, focusing on sectors including vehicles, technical equipment and energy sources, according to Ren.

China National Offshore Oil Corp (CNOOC) has signed purchase contracts with 13 international suppliers so far at the CIIE, with contract values hitting record highs. The cumulative contract value at the four expos has exceeded $40 billion, according to a statement CNOOC sent to the Global Times on Monday.   

Energy giant Sinopec told the Global Times on Monday that the enterprise has signed $41.5 billion of contracts with 34 overseas suppliers, covering 42 kinds of products in 11 categories of energy. 

In terms of LNG, CNOOC said that it signed LNG contracts for the first time at the CIIE, and the contract value for clean energy surpassed 50 percent of the overall contract value.

Sinopec also signed a long-term LNG contract of 4 million tons each year for 20 years with US LNG provider Venture Global LNG.

Global Times