Falling demand forces Taiwan to cancel six LNG shipments

Technorati Tags: Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange,Freight Review,Maritime Baltic Index,TNT Freight Review,CPC Corp,Oil and Gas,Bontang Gas Field,LNG Shipments

Taipei: CPC Corp., Taiwan's state oil and gas firm, wants to cancel six cargoes of liquefied natural gas, or LNG, from Indonesia's Bontang gas field in East Kalimantan Province this year, as demand from Taiwanese industries dries up on the back of the global recession and falling exports.
Taiwan buys 1.5 million tons of LNG from Indonesia each year under contracts that commenced in 1990 and that will expire this year.
The LNG is used by Taiwanese industrial enterprises and power plants, with generators accounting for 80 percent of total gas consumption in Taiwan.  [17/02/09]