China triples LNG imports in May.

Byline: BEIJING:

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China tripled liquefied natural gas (LNG) imports from a year earlier to a record 479,000 tonnes in May, as the worldCOs second-largest energy user bought four spot cargos to cater for rising need.

China bought 237,563 tonnes of the fuel last month under its long-term contract for Australian LNG, 18.9 per cent more than a year ago, official customs data showed said. But it also bought 122,467 tonnes or about two standard cargoes from Egypt, plus 61,069 tonnes from Nigeria and 57,620 tonnes from Equatorial Guinea, all at prices that were more than four times higher than its Australian supply, the data showed. The imports from Australia cost an average of $162.45 a tonne, or $3.11 per million British thermal units (mmBtu), Reuters calculations based on customs figures showed. But purchases from other countries were much more costly, with Egyptian LNG costing $717.13 a tonne or around $13.72 per mmBtu, and Nigerian fuel at $693.12 a tonne or $13.26 per mmBtu, according to the data. The cargoes from Equatorial Guinea were bought at about $726.03 a tonne or $13.89 per mmBtu.

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