USD 63.7606

-0.19

EUR 71.1696

+0.04

BRENT 59.07

+0.02

AI-92 42.28

+0.01

AI-95 46.04

+0.01

AI-98 51.75

0

Diesel 46.25

-0.01

14

Indonesia Increase LNG Price for China

China may allow Indonesia to raise the price of liquefied natural gas

China may allow Indonesia to raise the price of liquefied natural gas (LNG) from the US$5 billion, BP-led Tangguh project, but the world's second-largest energy consumer ruled out any major increases.

"We understand the global LNG market has recently shifted to a seller's market from a buyer's market," said an official at China National Offshore Oil Corp. (CNOOC Group), which inked a deal in 2002 to import 2.6 million tons a year from Tangguh over 25 years.

The Tangguh agreement leaves room for further price negotiations, he said.

"We are negotiating. But producers should not over-estimate the affordability of a developing country like China," the official, who asked not to be identified, said.