Chinese state-owned oil and gas giant PetroChina is planning to replace its oil-linked long-term LNG contracts with shorter, more flexible deals, a senior company official said late last week as it announced is 2017 financial results. PetroChina Vice Chairman and President Wang Dongjin said that existing oil-linked long-term contracts from Qatargas, Yamal and Gorgon, will not be renewed. S&P Global Platts Analytics said that contracts for a combined total of 14 million tons per annum (mtpa) will expire over the 2025-2038 period. Last year, China became the world’s second largest LNG importer, after Japan, effectively bypassing South Korea. China’s increased gas usage comes as Beijing ramps up its goal of replacing coal with cleaner burning natural gas for electrical power generation and also industrial usage. The government mandates that at least 10 percent of the fuel used to meet energy demand be comprised of natural gas, with further earmarks […]