Sinopec

So those are the people that are buying it.

So in China, it's the Sinopex of the world.

Tell us about your journey then from PhD scientist, chemist, I believe, through and you worked in the classic petrochemicals industry, is that right? How did you come

to where you are now? Actually, I worked at a company called UOP that serves the traditional petrochemical world.

On the U.S. side is Venture Global, which developed and operates the Plaquemine LNG and Calcasieu Pass facilities in Louisiana.

On the Chinese side, Sinopec and Knook Gas and Power stand out.

Both signed long-term LNG supply agreements with Venture Global years before trade tensions between the U.S. and China intensified.

In 2021, Sinopec signed two separate sale and purchase agreements, SPAs, to buy a combined 4 million tonnes per annum, 52 BCF per day, of LNG from Plaquemine for 20 years.

Sinopec's trading arm, Unipec, also signed a separate agreement to purchase 3.5 million tonnes per annum, 0.46 BC-D, of LNG from Calcasieu Pass.

Canuck agreed to purchase 2 million tons per annum, 0.26 BCF per day, from Plaquemine for 20 years, while it also has a separate 1.5 million tons per annum, 0.2 BCF per day, agreement for Calcasieu Pass.

Because the contracts are structured on an F. O, B, or free-on-board, basis, the buyers have the flexibility to take delivery at the U.S. terminal and place the LNG in different markets.

Caltex now charges $4.07 a litre for diesel, while Shell and Esso charge $4.03.

Meanwhile, Shell, Esso and Caltex now charge between $3.45 and $3.49 for 95-octane petrol, which costs $3.37 at Sinopec and $3.36 at SPC.

Moving to world news, global AI-linked stocks have fallen sharply after industry leaders warn about the risks of rapidly advancing AI.

The Philadelphia chip index dropped 5.1%, with Nvidia down 3.6%, and AMD falling 5.6%.

Caltex now charges $4.07 a litre for diesel, while Shell and Esso charge $4.03.

Meanwhile, Shell, Esso and Caltex now charge between $3.45 and $3.49 for 95-octane petrol, which costs $3.37 at Sinopec and $3.36 at SPC.

98-octane fuel costs $3.97 a litre at Esso and Shell, while Sinopec and SPC charge $3.88. Air quality across Singapore has worsened this morning, with the PSI reaching the unhealthy range across the island.

The 24-hour PSI in the central region rose to 153 at 5am, while the east reached 128 and the west 127.

The PSI was 114 in the south and 104 in the north.

I understand from a like you know, sort of sovereignty perspective, why it's important to make sure that we're not just sending our products, and in particular in this case, our oil to the United States.

But ultimately, like, do we not have to make sure there's going to be a return on the other end, that there's going to be demand? You've got the head of Sinopec recently, which is China's largest refinery business, telling investors that China's oil demand probably peaked last year.

If putting your oil in that pipeline to make a lot of money because the demand was secure was such a sure thing, wouldn't you not have to, again, sweeten the pot? Wouldn't investors already be coming to the table or companies already be coming to the table?

Well, I guess people were making those same arguments on Trans Mountain until it ended up coming up.