UPDATE 1-China's GCL, Shell sign preliminary deal on LNG trading joint venture [Reuters]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
UPDATE 1-China's GCL, Shell sign preliminary deal on LNG trading joint venture (Adds details of GCL’s planned LNG terminals) SINGAPORE, April 14 (Reuters) - GCL Oil& Natural Gas Co Ltd has signed a framework agreement with Royal Dutch Shell to explore setting up a joint venture based in eastern China to market and trade liquefied natural gas (LNG), the privately owned Chinese company said on Tuesday. The proposed JV would secure LNG supplies from Shell and market the fuel to a receiving terminal which GCL is planning in Jiangsu province, GCL said in a statement. A Shell spokeswoman confirmed the agreement. The companies provided no further details. GCL, a subsidiary of private energy and power firm GCL (Group) Holding, is one of over a dozen Chinese gas terminal developers outside state giants China National Offshore Oil Company, PetroChina and Sinopec Corp that have so far dominated the LNG sector. China is the world’s No.2 LNG importer. GCL is planning three receiving terminals alon
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