Sinopec won’t buy LNG from Iran because of high price

The Chinese are becoming reluctant to pay more for overseas energy sources after the country made some major domestic discoveries of oil and gas reserves recently, which will help meet its seemingly insatiable demand for energy, analysts say.

Chen Tonghai, Sinopec’s chairman, expects the proven recoverable gas reserves of Puguang Gas Field, China’s largest to date, to rise sharply to 800 billion cubic meters by the end of this year from 356 billion cubic meters as of end-2006 as it speeds up exploration in and also at the periphery of the field.

Marketwatch