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BP joins Zhejiang Energy to truck more LNG in China

chinadaily.com.cn| Updated: June 1, 2023 L M S

British energy company BP announced a joint venture contract with Zhejiang Energy Gas Group Co Ltd and its holding subsidiary on May 31 to jointly establish a marketing company and supply trucked liquefied natural gas (LNG) in China.

The joint venture will be BP's third trucked LNG marketing and sales venture in China, following the two with JVs–Shenzhen Dapeng LNG Marketing Co Ltd and Xinying Energy Marketing Co Ltd,it said.

According to Federica Berra, BP's senior vice-president for Integrated Gas and Power, the joint venture combines BP's global and flexible LNG portfolio and Zhenergy Gas' established position in this exciting and growing market.

"The joint venture represents our fourth milestone in building out an integrated gas value chain across China's coastal line. Together, we are leveraging our strengths to better serve our Chinese customers' strong and growing gas demand," she said.

In recent years, LNG imports have become an important source to cater for China's increased gas demand. According to the bp Energy Outlook 2023, natural gas consumption in China over the rest of the decade will grow in all scenarios.