China‚Äôs CNOOC sold access to its Yuedong liquefied natural gas (LNG) terminal to state-owned Zhenhua Oil and private logistics firm Longkou Shengtong Energy, its first such auction as the country pushes to liberalize its vast oil and gas market. In the auction on the Shanghai Petroleum and Gas Exchange, Zhenhua Oil and Longkou agreed to pay CNOOC Gas and Power Group 0.265 yuan ($0.04) to CNOOC per cubic meter of imported LNG for access to the terminal, Zhenhua Oil, a subsidiary of Chinese defense conglomerate Norinco, said in a statement. The total value of the deal was 26.5 million yuan ($3.87 million). CNOOC has also sold LNG in auctions on the Shanghai bourse this year but this is the first […]