{"id":5661,"date":"2023-05-26T14:13:09","date_gmt":"2023-05-26T14:13:09","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=5661"},"modified":"2023-05-26T14:15:17","modified_gmt":"2023-05-26T14:15:17","slug":"petrochina-bp-awarded-20-year-access-to-europes-gate-lng-terminal","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/5661\/","title":{"rendered":"PetroChina, BP awarded 20 year access to Europe’s Gate LNG terminal"},"content":{"rendered":"
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Roydad Naft News Agency – PetroChina International\u00a0and energy giant BP\u00a0have won a tender that will allow each to handle 2 billion cubic metres of gas annually for 20 years at Rotterdam’s Gate terminal, the Chinese state firm’s first long-term access to a European gas terminal.<\/p>\n\n\n\n

PetroChina said it is establishing and gradually expanding its global liquefied natural gas (LNG) portfolio through long-term investments. The commercial operations are expected to start in the third quarter of 2026, it said in a statement.<\/p>\n\n\n\n

Chinese firms are set to become a major trading force in the global liquefied natural gas market in coming years, thanks to liberalisation at home and recently signed long-term contracts for record amounts of LNG from U.S. suppliers.<\/p>\n\n\n\n

Several Chinese state-run companies have set their sights beyond the domestic market and are building up trading teams in foreign centres such as Singapore and London.<\/p>\n\n\n\n

“This is a smart move by PCI taking volume at Gate, it gives them a European hub base to offer out to European takers and expand their already impressive global portfolio,” said Toby Copson, global head of trading at Trident LNG.<\/p>\n\n\n\n

LNG has become a major alternative to pipeline gas after Russia reduced its pipeline gas deliveries to the European Union by 80%, in the wake of Moscow’s invasion of Ukraine last year.<\/p>\n\n\n\n

BP said that it sees LNG as an essential part of the energy transition and its own pivot to becoming an integrated energy company.<\/p>\n\n\n\n

“As BP aims for an LNG portfolio of 30 million tonnes by 2030, this award provides additional regasification capacity in a key location to support security of supply for our European customers,” said Jonty Shepard, BP’s vice president for global LNG trading and origination.<\/p>\n\n\n\n

Gas Access to Europe (GATE) is the Netherlands’ first liquefied natural gas (LNG) terminal and opened in September 2011. It is a major port for LNG deliveries into Europe.<\/p>\n

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