During the
World Gas Conference (WGC) 2025 held in Beijing in May 2025, China achieved
fruitful results in the LNG sector, with several energy enterprises signing
long-term LNG sales and purchase agreements (SPAs) with international partners.
These deals have injected new momentum into ensuring domestic energy supply
stability and realizing energy transition goals.
China’s
Guangdong Pearl River Investment Management Group (GPRIMG) announced the
signing of a 15-year LNG SPA with ConocoPhillips. According to a source
familiar with the matter, starting from 2028, ConocoPhillips will supply
300,000 tons of LNG annually, with prices linked to Henry Hub, indicating the
cargoes may originate from the United States.
During the
same conference, Guangzhou Gas Group Co., Ltd. formally signed a long-term LNG SPA
with Mercuria Energy. Industry sources speculate that the LNG involved in this
agreement is likely sourced from the LNG supply contract signed between
Mercuria and Oman LNG in February 2025. That 10-year contract stipulates that
starting from April 2025, Oman LNG will supply 800,000 tons of LNG annually to
Mercuria on FOB terms.
British
energy giant BP announced it has signed a 10-year LNG supply agreement with
China’s Zhejiang Energy Group, marking a significant step in its natural gas
strategy in China. Under the agreement, BP will deliver up to 1 million tons of
LNG annually to Zhejiang Energy from its global portfolio over the next decade.
These
agreements reached between multiple Chinese energy enterprises and
international partners during the World Gas Conference not only help safeguard
China’s domestic natural gas supply stability, but also demonstrate China’s
active efforts in promoting energy transition and achieving dual-carbon goals.
Meanwhile, they showcase to the international market China’s open cooperation
attitude and tremendous potential in the energy sector, laying a solid
foundation for future global energy cooperation and effectively driving the
optimization and development of regional and even global energy landscapes.