China's Huaying, BK LNG join forces on LNG procurement

Chinese companies BK LNG Solution and Huaying International Energy Trading have signed an agreement to collaborate in the field of LNG procurement, BK said on April 22. 

Huaying International, an affiliate of Huaying Natural Gas Company, holds a 50% stake in the LNG receiving terminal near Chaozhou Port in Guangdong Province in partnership with Sinopec.

Under the agreement, BK LNG Solution and Huaying International will collaborate closely to secure LNG from the market, leveraging their combined networks and expertise. This strategic collaboration aims to foster a stable and reliable LNG supply to meet the growing energy demands in China.

“This collaboration will hold promise on multiple fronts, such as to foster a stable and reliable LNG supply to meet China's growing energy demands and by leveraging the network and expertise, can access diverse LNG sources and optimise procurement strategies,” BK said. 

Chinese LNG imports have seen robust growth this year, driven primarily by softer global prices. According to data published by the customs department on April 18, LNG imports totalled 19.78mn tonnes in the first three months of 2024, marking a 20.8% increase year/year.