ExxonMobil has secured access to a new LNG import terminal in China, strengthening its position in the Asian energy market.
Guangdong Energy Group of China is set to launch next week commercial operations at a new LNG import terminal, which U.S. supermajor ExxonMobil can use under a long-term agreement, Reuters reported on Thursday, citing industry sources. The LNG receiving terminal in Huizhou in the province of Guangdong, southern China , has the capacity to handle 4 million metric tons of LNG per year and cost $1 billion to complete. The LNG import site has already received its first LNG cargo.
In October 2018, ExxonMobil signed a heads of agreement to supply Zhejiang Provincial Energy Group with 1 million metric tons per year of LNG for 20 years, starting in the early 2020s. In December 2023, Exxon agreed to use the new terminal to handle 1.8 million tons of the LNG per year under a 20-year agreement with Guangdong Energy, one of the sources with direct knowledge of the plans told Reuters.
China LNG Import Terminal Energy Transition Natural Gas Guangdong Energy Group Energy Partnership Strategic Cooperation Energy Supply
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