Latest news with #29thWorldGasConference
Yahoo
23-05-2025
- Business
- Yahoo
BP p.l.c. (BP) Signs Deal with China's Zhejiang Energy
The energy giant BP p.l.c. (NYSE:BP) confirmed on Thursday that it had signed a contract with China-based Zhejiang Energy Group. The two companies met at the 29th World Gas Conference on May 21, which sees BP supplying Zhejiang Energy with 1 million mt/y for 10 years. BP p.l.c. (NYSE:BP) has recently re-focused its attention to its core business of fossil fuels, from alternative or renewable energy. In 2023, BP and China's Zhejiang Energy group agreed on a joint venture for LNG sales in China. The setting up of an SPAC, with the specific aim of selling trucked LNG, has proven beneficial for both companies. This agreement sees the two companies starting to build on that success and extend their strategic partnership. China's Zhejiang Energy Group has signed similar agreements with other companies. It signed a deal with Exxon to supply 1 million mt/y of LNG for 10 years, which saw deliveries begin in 2022. Experts on the matter stated the deal is also linked with fluctuating global oil prices, with the aim of mitigating risks due to geopolitical tensions between Russia and Europe, as well as changes in supply by OPEC+, led by Saudi Arabia. As the energy company is refocusing its attention (and its investment plan) on the traditional oil and gas business (and away from renewables), there could be an opportunity for BP p.l.c. (NYSE:BP) to either shed non-core renewable assets or strike a merger deal with another production-focused energy company. While we acknowledge the potential of BP, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BP and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: and Disclosure: None. Sign in to access your portfolio
Yahoo
21-05-2025
- Business
- Yahoo
China's GPRIMG Enters Long-Term LNG Supply Agreement with ConocoPhillips
China's Guangdong Pearl River Investment Management Group (GPRIMG) made headlines at the 29th World Gas Conference in Beijing with the announcement of its first long-term LNG purchase agreement, struck with U.S. energy major ConocoPhillips (NYSE:COP). The deal was signed on May 20 and disclosed through GPRIMG's official WeChat account. It marks a significant step in the company's push to expand its international energy footprint. This development is particularly noteworthy given the broader geopolitical and trade context. It's likely the first long-term U.S.-China LNG agreement since Beijing imposed tariffs on U.S. LNG imports. Since the February 2025 implementation of those tariffs, China has not taken delivery of any U.S. LNG cargoes, according to data from S&P Global Commodities at Sea. Previous shipments earmarked for China were either rerouted or sold on the spot market, underscoring the disruption to direct trade flows. Although financial details were not disclosed, industry sources suggest the 15-year deal is indexed to Henry Hub prices, indicating the cargoes will originate from the U.S., with deliveries expected to begin in 2028. If accurate, this would reflect a renewed willingness on both sides to re-engage in long-term energy trade, even as tariffs remain in place. Strategically, GPRIMG views this agreement as a milestone in the evolution of its gas business and a foundational move toward deeper internationalization. The company framed the deal as a response to shifting global gas dynamics, including heightened supply uncertainty and pricing volatility. By locking in long-term supply, GPRIMG is not only strengthening its resource security but also positioning itself to navigate the increasingly complex global energy landscape. China's gas imports declined in 2025, with seaborne LNG shipments dropping by 22% year-over-year through April. Despite the recent slowdown, China has played a dominant role in shaping the global gas market over the past decade, contributing to more than a third of the global growth in gas consumption. This rapid rise in demand helped transform China from a relatively small LNG player into the world's largest importer by 2021. For ConocoPhillips (NYSE:COP), the agreement adds another reliable off-taker to its LNG portfolio, potentially contributing to long-term revenue visibility amid a competitive global gas market. While we acknowledge the potential of COP to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than COP and that has 100x upside potential, check out our report about this cheapest AI stock. READ MORE: and Disclosure. None. Sign in to access your portfolio
The Sun
20-05-2025
- Business
- The Sun
Energizing a Sustainable Future: The 29th World Gas Conference Opens in Beijing
BEIJING, CHINA - Media OutReach Newswire - 20 May 2025 - On the morning of May 20, the 29th World Gas Conference (WGC2025) opened at the China National Convention Center in Beijing. This marks the first time in the nearly 100-year history of the World Gas Conference that the event is being held in China. As one of the three flagship events of the International Gas Union (IGU), this year's conference is themed 'Energizing a Sustainable Future.' It has brought together more than 3,000 delegates from 70 countries and regions around the world to engage in in-depth discussions and consensus-building on global energy transition, the development of the natural gas industry, and pathways to a sustainable future. The opening ceremony was chaired by Mr. Cao Yujun, Chair of the National Organizing Committee (NOC). Speeches were delivered by Li Yalan, President of the International Gas Union; Yin Yong, Mayor of Beijing; Wan Jinsong, Deputy Director of the National Energy Administration; Patrick Pouyanné, Chairman and CEO of TotalEnergies; and Dai Houliang, Chairman of China National Petroleum Corporation (CNPC). Li Yalan, emphasized that amid multiple global challenges such as climate change, energy security, and geopolitical tensions, natural gas — with its advantages of abundant reserves, cleanliness, efficiency, and cost-effectiveness — is becoming an indispensable pillar of the global energy mix. She noted that China, as the world's largest importer of natural gas and LNG, is drawing growing international attention for its development model. In particular, she highlighted how Beijing has leveraged natural gas to significantly improve air quality, offering a replicable model for other developing countries. Yin Yong stated that Beijing firmly implements the country's new energy security strategy and continues to promote the green and low-carbon transformation of the energy structure. Currently, natural gas accounts for more than 35% of Beijing's energy consumption. Through initiatives such as coal-to-gas conversion, the city has achieved a more than 60% reduction in average annual PM2.5 concentrations and nearly a 50% decrease in carbon intensity over the past decade. He reaffirmed Beijing's commitment to opening up and deepening international energy cooperation while promoting sustainable urban development. Wan Jinsong noted that China's energy production and consumption continue to grow, with increasingly robust infrastructure and a nationwide unified gas network essentially completed. He emphasized significant improvements in natural gas dispatching and emergency response capacity. He said breakthroughs were seen in deep-earth, deep-sea, and unconventional resource development, helping boost output of natural gas. Wan proposed four key initiatives: enhancing supply capabilities to serve global public welfare, prioritizing ecology in green development, empowering the energy system through digital transformation, and improving governance via multilateral cooperation. He called for continued openness and win–win collaboration to jointly build a secure, efficient, clean, and low-carbon global energy system. Patrick Pouyanné highlighted TotalEnergies' efforts to maintain its leadership in the conventional oil and gas market while actively participating in the global energy transition. He reiterated TotalEnergies' commitment to achieving net-zero emissions by 2050 and to furthering international cooperation to build a diversified, clean, secure, and sustainable energy future. Dai Houliang introduced CNPC's recent breakthroughs in deep oil and gas exploration, including the successful completion of a 10,000-meter ultra-deep drilling mission and continuous progress in unconventional resource development. As Asia's largest and the world's second-largest energy company, CNPC plays a key role in safeguarding national energy security and consistently undertakes critical supply missions during peak winter and summer periods. He stressed CNPC's unwavering commitment to green transition, accelerating the integration of oil, gas, and new energy, and building a synergistic, multi-energy system. As the only Chinese member of the Oil and Gas Climate Initiative (OGCI), CNPC will continue to actively participate in global climate governance, contribute to China's carbon peak and carbon neutrality goals, and help extend the benefits of green development to more countries, clients, and communities, he said. Following the speeches, Mr. Cao Yujun, Chair of the NOC, invited Yin Li, Secretary of the Beijing Municipal Committee of the CPC; Yin Yong, Mayor of Beijing; Li Yalan, President of the IGU; Wan Jinsong, Deputy Director of the National Energy Administration; Li Xiaolong, Vice Minister of Housing and Urban-Rural Development; Dai Houliang, Chairman of CNPC; and Patrick Pouyanné, Chairman and CEO of TotalEnergies, to jointly inaugurate the opening ceremony. As the countdown reached zero, the main screen lit up with the words 'WGC2025 Officially Opens,' and the venue erupted in enthusiastic applause—marking the official launch of the 29th World Gas Conference. According to schedule, WGC2025 will feature more than 80 high-level forums covering topics such as LNG development, natural gas and renewable energy integration, energy security, and digital transformation. More than 400 distinguished guests will engage in deep dialogue on industry trends and technological innovation. The concurrent exhibition spans 50,000 square meters — the largest in the event's history — and is expected to attract more than 30,000 professional visitors from China and abroad. The 29th World Gas Conference (WGC2025) is presented by the International Gas Union, hosted by Beijing Gas Group, and exclusively organized by Capital Convention & Exhibition Group.
Arabian Post
20-05-2025
- Business
- Arabian Post
Energizing a Sustainable Future: The 29th World Gas Conference Opens in Beijing
Energizing a Sustainable Future: The 29th World Gas Conference Opens in Beijing The opening ceremony was chaired by Mr. Cao Yujun, Chair of the National Organizing Committee (NOC). Speeches were delivered by Li Yalan, President of the International Gas Union; Yin Yong, Mayor of Beijing; Wan Jinsong, Deputy Director of the National Energy Administration; Patrick Pouyanné, Chairman and CEO of TotalEnergies; and Dai Houliang, Chairman of China National Petroleum Corporation (CNPC). Li Yalan, emphasized that amid multiple global challenges such as climate change, energy security, and geopolitical tensions, natural gas — with its advantages of abundant reserves, cleanliness, efficiency, and cost-effectiveness — is becoming an indispensable pillar of the global energy mix. She noted that China, as the world's largest importer of natural gas and LNG, is drawing growing international attention for its development model. In particular, she highlighted how Beijing has leveraged natural gas to significantly improve air quality, offering a replicable model for other developing countries. Yin Yong stated that Beijing firmly implements the country's new energy security strategy and continues to promote the green and low-carbon transformation of the energy structure. Currently, natural gas accounts for more than 35% of Beijing's energy consumption. Through initiatives such as coal-to-gas conversion, the city has achieved a more than 60% reduction in average annual PM2.5 concentrations and nearly a 50% decrease in carbon intensity over the past decade. He reaffirmed Beijing's commitment to opening up and deepening international energy cooperation while promoting sustainable urban development. Wan Jinsong noted that China's energy production and consumption continue to grow, with increasingly robust infrastructure and a nationwide unified gas network essentially completed. He emphasized significant improvements in natural gas dispatching and emergency response capacity. He said breakthroughs were seen in deep-earth, deep-sea, and unconventional resource development, helping boost output of natural gas. Wan proposed four key initiatives: enhancing supply capabilities to serve global public welfare, prioritizing ecology in green development, empowering the energy system through digital transformation, and improving governance via multilateral cooperation. He called for continued openness and win–win collaboration to jointly build a secure, efficient, clean, and low-carbon global energy system. Patrick Pouyanné highlighted TotalEnergies' efforts to maintain its leadership in the conventional oil and gas market while actively participating in the global energy transition. He reiterated TotalEnergies' commitment to achieving net-zero emissions by 2050 and to furthering international cooperation to build a diversified, clean, secure, and sustainable energy future. Dai Houliang introduced CNPC's recent breakthroughs in deep oil and gas exploration, including the successful completion of a 10,000-meter ultra-deep drilling mission and continuous progress in unconventional resource development. As Asia's largest and the world's second-largest energy company, CNPC plays a key role in safeguarding national energy security and consistently undertakes critical supply missions during peak winter and summer periods. He stressed CNPC's unwavering commitment to green transition, accelerating the integration of oil, gas, and new energy, and building a synergistic, multi-energy system. As the only Chinese member of the Oil and Gas Climate Initiative (OGCI), CNPC will continue to actively participate in global climate governance, contribute to China's carbon peak and carbon neutrality goals, and help extend the benefits of green development to more countries, clients, and communities, he said. Following the speeches, Mr. Cao Yujun, Chair of the NOC, invited Yin Li, Secretary of the Beijing Municipal Committee of the CPC; Yin Yong, Mayor of Beijing; Li Yalan, President of the IGU; Wan Jinsong, Deputy Director of the National Energy Administration; Li Xiaolong, Vice Minister of Housing and Urban-Rural Development; Dai Houliang, Chairman of CNPC; and Patrick Pouyanné, Chairman and CEO of TotalEnergies, to jointly inaugurate the opening ceremony. As the countdown reached zero, the main screen lit up with the words 'WGC2025 Officially Opens,' and the venue erupted in enthusiastic applause—marking the official launch of the 29th World Gas Conference. According to schedule, WGC2025 will feature more than 80 high-level forums covering topics such as LNG development, natural gas and renewable energy integration, energy security, and digital transformation. More than 400 distinguished guests will engage in deep dialogue on industry trends and technological innovation. The concurrent exhibition spans 50,000 square meters — the largest in the event's history — and is expected to attract more than 30,000 professional visitors from China and abroad. The 29th World Gas Conference (WGC2025) is presented by the International Gas Union, hosted by Beijing Gas Group, and exclusively organized by Capital Convention & Exhibition Group. The issuer is solely responsible for the content of this announcement.
Barnama
15-05-2025
- Business
- Barnama
The 29th World Gas Conference To Be Held In Beijing
BEIJING, May 15 (Bernama) -- The 29th World Gas Conference (WGC2025) will be held from May 19 to 23 at the National Convention Center in Beijing, the first to be held in China since its inception in 1931. The conference will feature four key highlights that are worth paying attention to. Focus on New Trends in the Natural Gas Industry amid Energy Transition Energy security and low-carbon transformation have become global issues, and natural gas, with its characteristics of "safety, affordability, and sustainability," has become a key bridge to a sustainable future. Li Yalan, President of the International Gas Union (IGU), stated that natural gas is the third-largest energy source globally, with an annual consumption of more than 4.1 trillion cubic meters, accounting for about 24% of the energy structure. Natural gas, as a resource-rich, low-carbon, and clean energy, plays a crucial role in ensuring energy security and supporting the energy transition.
