QP strikes long-term LNG supply deal with Taiwan

Taiwan is a major importer of LNG. In 2020, it imported 17.76M tonnes of LNG, about 5% of the global LNG trade, according to GIIGNL. In January, CPC Corp received its first cargo transported by Fuji LNG under a 25-year SPA with US LNG producer Cheniere Energy under which it will receive 2 mta until 2045. The SPA between CPC and Cheniere was signed in 2018.

CPC has mandated a 50% share for natural gas in fuelling in Taiwan’s total electricity generation by 2025. It has committed to diversification of gas supply sources and layout to ensure a stable supply of natural gas for domestic demand.

In 2020, Taiwan received 4.73M tonnes of LNG from Australia, second only to Qatar’s 4.99M tonnes. Other top suppliers are Russia, Papua New Guinea and Indonesia, followed by the US.

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