Beijing Bluesky Energy Signed LNG Supply Deal with Kunlun Energy

Beijing Bluesky Energy, the subsidiary of HK-listed Beijing Gas Bluesky Holdings, announced that the company has signed an LNG supply agreement with Kunlun Energy (Shandong).

The contract lasts for three years from May 9, 2018 to May 8, 2021, and Beijing Bluesky Energy will supply 60,000 tons per annum of LNG to several Kunlun Energy (Shandong)’s sites, but the actual deal volume will depend on market conditions and procurement of Kunlun Energy. The supply deal is worth up to CNY 765 million or USD 120.5 million.

Beijing Gas Bluesky has become a heavyweight player in China’s LNG industry. By continuously mergers and acquisitions, the company has holden 29% stake of CNPC Caofeidian Terminal, 10% stake of CNPC Rudong Terminal, and possessed the distribution right of CNOOC Ningbo Terminal and Sinopec Qingdao Terminal. Import and distribution have become the main business and profit contributor to the company by over 78% of the total gas business. To remain, those CNPC’s terminals are actually controlled by CNPC’s HK-listed subsidiary, Kunlun Energy.