Shenergy(SH:600642) Jie Fang Ri Bao·2025-12-14 01:57Core Viewpoint - The Shanghai LNG station expansion project has officially commenced operations, enhancing the city's natural gas supply capabilities and positioning Shanghai as a global clean energy refueling hub [1][2]. Group 1: Project Overview - The Shanghai LNG station expansion is a key national oil and gas project, part of the "14th Five-Year Plan" for energy development in Shanghai and Zhejiang, located at the Yangshan Deepwater Port [1]. - The project includes the construction of a new 150,000-ton LNG dedicated berth, four new 220,000 cubic meter LNG storage tanks, and a long-distance gas pipeline [1]. - The project has set multiple industry records, including the largest LNG ship unloading dock in China and the fastest construction time for a similar storage tank at 25 months and 5 days [2]. Group 2: Capacity and Supply - The existing Yangshan LNG receiving station has a total liquid storage capacity of 895,000 cubic meters, supplying approximately 50% of Shanghai's natural gas demand [2]. - After the first phase of the expansion, the combined unloading capacity of the Yangshan dual stations will exceed 12 million tons per year, with a storage capacity of nearly 1.8 million cubic meters, effectively doubling emergency supply capabilities [2][3]. Group 3: Regional Impact - The coordinated operation of the Yangshan LNG dual stations will significantly enhance gas source security, peak response, and emergency reserve capabilities in Shanghai and the Yangtze River Delta region [3]. - The project is seen as a crucial achievement in the construction of Shanghai's international shipping center and the integrated development strategy of the Yangtze River Delta [3]. Group 4: Future Developments - The company is in discussions with the National Pipeline Network Group to build a new 35-kilometer gas pipeline to enhance connectivity with the national network [3]. - The company aims to diversify its operations by expanding into resource processing, LNG storage trade, and ship refueling, providing comprehensive energy solutions [3][5]. - The Shanghai LNG receiving station is already equipped with a bonded LNG tank, with a significant increase in reverse refueling business volume expected, reaching 300 million cubic meters in 2024 [4]. Group 5: Trade and Pricing - The dual stations plan to expand LNG transshipment trade and apply to become a natural gas futures delivery warehouse, embedding deeper into the global energy trade chain [5]. - The development of storage, trade, and refueling capabilities at the Shanghai LNG receiving station will support Shanghai's participation in global natural gas trading and create favorable conditions for establishing a "Shanghai price" in the energy sector [5].