China-Gas-Markets-Methodology-23-October-2017 · ICIS regards all arm’s-length transactions which meet its specification criteria as carrying ... highest and lowest retails prices

China Gas Markets methodology

Methodology last updated: 23 October 2017

Expiry date of this methodology – 25 January 2020

CHINA GAS MARKETS METHODOLOGY

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List of contents

• Introduction to China Gas Markets (CGM)

• General methodology

• Rationale for gas methodology

• List of primary price references

• Definition of trading locations

• Recent changes to this methodology

• PRICE ASSESSMENTS – General definitions

• PRICE ASSESSMENTS – Guidelines for the exercise of judgment

• PRICE ASSESSMENTS – Exclusion of data

• PRICE ASSESSMENTS – Indicative assessments

• PRICE ASSESSMENTS – Width of bid/offer spreads

• PRICE ASSESSMENTS – Types of market information used and collection process

• PRICE ASSESSMENTS – Transaction data threshold

• PRICE ASSESSMENTS - Verification of sources

• PRICE ASSESSMENTS – Definitions of periods

• SECONDARY DATA IN CGM

• CURRENCY CONVERSIONS

• OTHER PRINCIPLES AND GUIDELINES

–Changes to methodology

–Consistency

– Data standards

–Delivery locations

–Key submitter dependency

–Market communication

–Market data verification

–Minimum data threshold

–Units

• ICIS contact details


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Introduction to China Gas Markets (CGM)

China Gas Markets (CGM) contains independent price

assessments for LNG truck traded markets and freight

rates throughout China as well as in-depth analysis on

price drivers, authoritative commentary on each week’s

trading activity and weekly news.

CGM contains key fundamental data for China’s

domestic LNG production and sales volumes. It also

carries government data on regulated upstream and

downstream prices

CGM is a weekly report which was launched in 2010.

Historical data sets are available.

General methodology

ICIS continuously develops reviews and revises its

methodologies in consultation with industry participants.

Product specifications and trading terms and conditions

used are intended to reflect typical working practices

prevalent in the industry.

ICIS publishes market assessments based on

information continuously gathered from market

participants about: spot transactions, spot bid and offer

levels, contract price negotiations, prices of related

commodities, and relevant freight costs.

ICIS does not make retrospective adjustments or

changes to price assessments based on information

received after publication time in all cases or after any

cut-off point specified in individual methodology

documents.

ICIS regards all arm’s-length transactions which meet its

specification criteria as carrying equal weight.

ICIS uses proprietary models where necessary to

normalise data to the typical specifications for cargo size

and date ranges given for each commodity.

Some ICIS assessments are the product of calculation

alone, for example in markets where insufficient market

activity takes place to permit price assessment, or where

a market habitually itself sets prices according to a

formula. Such calculated assessments are noted as

such in their detailed methodology specifications.

ICIS endeavours to cross-check all the transaction

information it gathers. ICIS will not use information for

assessment purposes where such checks call into doubt

the accuracy of the original information, or where a

transaction appears to have occurred under

circumstances that render it non-repeatable or otherwise

markedly unusual.


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Rationale for CGM methodology

All ICIS LNG prices contained in CGM are intended to

provide a reliable and accurate measure of physical

market value on the over-the-counter traded markets.

In order to do this, ICIS has adopted an assessment

methodology, which can be applied as reliable measure

for all LNG truck markets.

Assessment

For markets at all stages of development, ICIS deems its

assessment methodology to be appropriate. This

methodology is designed to discover the tradable value

of a commodity for a single day. LNG assessments in

CGM are made at the close of the trading day and

freight rate assessments are made weekly, reflecting the

levels of liquidity on the Chinese markets.

The High and Low range published in ICIS assessments

represents the highest and lowest transaction prices

achieved for each region listed, on the date of

publication.

ICIS primarily uses transaction information in its

assessment process and uses bid/offer information

where this is not available.

Primary price references

published in CGM are as

follows:

ICIS C1 China Gas Price (CGP)/ICIS China

delivered assessments for LNG by truck in

coastal China

The CGP is calculated as an arithmetic average of the

midpoints of the South China and East China delivered

truck assessments published in CGM on the same date.

China’s new liquefaction capacity

The volume figures published for “Under Planning”

represent an estimate based on ICIS research of all

planned new capacity scheduled to start during the

month listed.

The volumes figures published for “Newly-

built/Expanded” represent an estimate based on ICIS

research of plants that confirm they have started

operations during the month listed.

The data in this table is researched and refreshed

weekly.

China’s LNG Production, Operating rate

The volume figure and the percentage operating figure

represent a total of the ICIS estimates for 43 major LNG

production plants within China. The data is researched

and refreshed weekly. Output of China’s remaining

plants is updated bimonthly.

ICIS C1 Delivered Assessments for LNG by

Truck in China

Delivery Location

Source of gas

Type Frequency in Chinese

version

Units quoted

South China

Domestic LNG & Import LNG

Spot D CNY/tonne

East Guangdong

Domestic LNG

Spot D CNY/tonne

Import LNG

Spot D CNY/tonne


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West Guangdong

Domestic LNG

Spot D CNY/tonne

Import LNG

Spot D CNY/tonne

Pearl River Delta

Domestic LNG

Spot D CNY/tonne

Import LNG

Spot D CNY/tonne

Fujian Domestic LNG

Spot D CNY/tonne

Import LNG

Spot D CNY/tonne

Guangxi Domestic LNG & Import LNG

Spot D CNY/tonne

East China Domestic LNG & Import LNG

Spot D CNY/tonne

North Jiangsu


Spot D CNY/tonne

South Jiangsu

Domestic LNG

Spot D CNY/tonne

Import LNG

Spot D CNY/tonne

Zhejiang Domestic LNG

Spot D CNY/tonne

Import LNG

Spot D CNY/tonne

Yunnan Domestic LNG & Import LNG

Spot D CNY/tonne

Shaanxi Domestic LNG & Import LNG

Spot D CNY/tonne

Guizhou Domestic LNG & Import LNG

Spot D CNY/tonne

Henan Domestic LNG & Import LNG

Spot D CNY/tonne

Inner Mongolia


Spot D CNY/tonne

Shandong Domestic LNG & Import LNG

Spot D CNY/tonne

Shanxi Domestic LNG & Import LNG

Spot D CNY/tonne

Hebei Domestic LNG & Import LNG

Spot D CNY/tonne

Liaoning Domestic LNG & Import LNG

Spot D CNY/tonne

Jiangxi Domestic LNG & Import LNG

Spot D CNY/tonne

Hubei Domestic LNG &

Spot D CNY/tonne

Import LNG

Hu’nan Domestic LNG& Import LNG

Spot D CNY/tonne

China’s LNG Arbitrage Flows on Truck

Delivery

The margin price represents the price at destination as

published in the ICIS delivered assessment table, minus

the price at the ex-works location as published in the

ICIS ex-works assessment table and minus the relevant

freight rate assessment published in the ICIS freight rate

assessment table.

If the arbitrage window is listed as “closed” this means

that freight costs plus the ex-works assessment exceeds

the delivered price assessment.

Prices of China’s spot LNG imports

Data in this chart originates from ICIS’ global trade

publication LNG Markets Daily (LMD). To see the

methodology for the China DES import prices displayed

here, please go to the latest LMD methodology

document on the ICIS website:

https://www.icis.com/compliance/reports/lng-

markets-daily/

List Prices & Spot Sales of Imported LNG at

Major Terminals

The price range published reflects the sales price offered

for FOB loaded trucks from the LNG import terminals

listed.

The offers relate to loading taking place at any point

during the calendar month in which the table is

published. Offers are typically stable for an entire

calendar month and ICIS researches and refreshes this

data once a month.

The spot sales volume listed reflects the volume sold on

the day of publication.

LNG vs Substitute Energies in East/South

China

ICIS China collects and compares delivered prices of LNG and prices of imported liquefied petroleum gas

https://www.icis.com/compliance/reports/lng-markets-daily/

https://www.icis.com/compliance/reports/lng-markets-daily/


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(LPG) and gasoil under the same calorific value in east and south China. The data is refreshed weekly.

List Transactions on Shanghai Petroleum &

Natural Gas Exchange

ICIS China collects raw data from Shanghai Petroleum & Natural Gas Exchange (SHPGX) and presents transaction volumes of piped gas and LNG listed on the platform. The data is updated weekly.

Turnaround schedules of Chinese LNG plants

Designed capacity refers to daily liquefaction capacity of the listed LNG plant. Capacity offline means liquefaction capacity affected by the turnaround. The data is updated weekly based on information collected from 43 major LNG plants.

Operating rates and ex-works prices on truck

delivery at major Chinese LNG plants

The volume figures and the percentage operating figures represent ICIS estimates for 43 major LNG production plants within China. Ex-works price ranges published represent the offer price from each plant for loading on the day of publication. The data is updated weekly. Output at the remaining LNG plants is updated bimonthly.

China LNG retail prices for vehicle use

Prices in this table represent the midpoint between the

highest and lowest retails prices offered by LNG filling

stations within the cities listed as verified by ICIS.

Prices are sourced from a sample of filling stations in

each city collected by ICIS reporters each week.

ICIS C1 China Freight Rate Assessments for Truck-delivered LNG

Region Distance (km) Type Frequency in

Chinese version

Unit

North and northwest

China

Below 300 Spot W CNY/tonne

300-500 Spot W CNY/tonne/km




Above 2000 Spot W CNY/tonne/km

East China






Above 1000 Spot W CNY/tonne/km

South China







700-1,200 Spot W CNY/tonne/km

Southwest China

Below 400 Spot W CNY/tonne/km

600-700(Sichuan to Guizhou) Spot W CNY/tonne/km

1000-1100 (Sichan to Yunan) Spot W CNY/tonne/km

1100-1200 (Sichuan to Guangxi) Spot W CNY/tonne/km

Central China

Below 500 Spot W CNY/tonne/km



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Definition of trading

locations

Recent changes to this methodology

1,000-1,500 Spot W CNY/tonne/km

Operational Gas-fired power plants in

Guangdong

This table provides reference data sourced by ICIS

showing installed CCGT capacity in Guangdong

province.

For all delivered and FOB locations, delivery may be

made at any point within the border of the named

province or region

The delivered South China assessment incorporates an

arithmetical average of the Pearl River Delta, East

Guangdong and West Guangdong assessments.

East China – indicates the arithmetical average of

the high/low assessments of the southern Jiangsu,

northern Jiangsu and Zhejiang assessments.

Pearl River Delta is the arithmetical average of the

high and low assessments of East Guangdong and

West Guangdong.

East Guangdong – covers the Shantou, Jieyang and

Chaozhou regions.

West Guangdong – covers Zhanjiang and Maoming

regions.

Fujian – covers Fuzhou, Putian, Quanzhou and

Xiamen regions

Guangxi – covers Nanning and Beihei regions

Northern Jiangsu – covers Xuzhou, Liangyungang,

Suqian, Huai’an and Yanchen regions

Southern Jiangsu – covers Nanjing, Suzhou, Wuxi,

Changzhou and Zhenjiang regions

Zhejiang – covers Hangzhou, Taizhou and Quzhou

regions

Yunnan – covers Kunming and Qujing regions

Shaanxi – covers Yulin, Yan’an and Xi’an regions

Guizhou – covers Guiyan, Zunyi, and Liupanshui

regions

Hennan – covers Sanmenxia, Jiaozou, Zhengzhou

and Xinyang regions

Inner Mongolia – covers Ordos, Ulanqab and Baotou

regions

Shandong – covers Dezhou, Heze, Binzhou, Yantai

and Weihei regions

Shanxi – covers Datong, Taiyuan and Jincheng

regions

Hebei – covers Zhangjiakou, Shijiazhuang, Handan,

Xingtai, Chengde and Baoding regions

Liaoning – covers Huluda, Jinzhou, Shenyang, and

Yingkou regions

Jiangxi – covers Nanchang, Jingdezhen and Juijiang

regions

Hubei – covers Jingmen, Wuhan, and Shiyan

regions

Hunan – covers Yueyang, Changsha and Chenzhou

Date Items Changes

4 September

2017

Benchmark city gate prices of natural gas

supplies to non-residential users in China by

province/municipality/region

Updated

31 May 2017 China’s LNG production, operating rate Adjusted

31 May 2017 Operating rates and ex-works prices on truck

delivery at major Chinese LNG plants

Adjusted

7 March 2016 List Transaction on Shanghai Petroleum &

Natural Gas Exchange

Added

Turnaround schedules of Chinese LNG plants Added

1 February

2016

ICIS C1 China freight rate assessments for

truck-delivered LNG (freight rates for 200-

300km distance and 300-500km distance in

east China, for 700-1,200km distance in south

China, and for 1,000-1,500km distance in

central China)

Added

11 May 2015 Hu’nan delivered price Added

11 May 2015 LNG vs substitute energies in east/south China Added

ICIS C1 China Assessments for loaded LNG

(FOB)

Deleted


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Price assessments

General definitions

All LNG price assessments published in CGM represent

traded value on the day of publication (Monday) from

08:30 to 16:30 Beijing time.

Freight rate assessments represent traded value during

the working week prior to and including publication date.

Priority is given to transactions completed closest to the

date of publication. Only transactions conducted

between 08:30 and 16:30 are taken into consideration.

Delivered and Ex-Works (FOB) prices represent delivery

or loading from the date of assessment up to 4 days

ahead of the assessment date, including any public

holidays which fall within this period.

Where Monday falls on a Chinese public holiday and the

following Tuesday is a working day, CGM will be

published on that Tuesday and price assessments will

reflect Tuesday trading. If Monday falls during a Chinese

public holiday of longer duration, CGM will not be

published for that week.

“Low” represents the lowest transaction price collected

and verified by ICIS on the date of publication.

“High” represents the highest transaction price collected

and verified by ICIS on the date of publication.

Price assessments – Guidelines for the

exercise of judgement

ICIS gives priority to verified transaction data in its

assessment process.

In the absence of verified transactions, ICIS uses the

highest verified bid and the lowest verified offer to make

its price assessment.

ICIS may disregard verified transaction data where the

buyer or seller is known to have a distressed physical

position and where the rest of the market is known to be

unable or unwilling to transact at that price.

Where ICIS believes a verified transaction price is part of

a deal which is not stand-alone, but has other terms and

conditions attached that are not related to that individual

transaction, it may disregard that price.

Where no confirmed transaction or bid and offer

information is available ICIS may use price spreads

between regions to move its assessments. However,

ICIS only uses geographic spread information between

regions where a strong price correlation has been

demonstrated by past trading activity. ICIS will also use

fundamental supply/demand data within the named price

region to inform its assessments in the absence of

transactions, bids or offers.

Price assessments – Exclusion of data


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In line with its Editorial Standards policy, ICIS reporters

actively seek to identify anomalous market information

and exclude it from the assessment process. For gas

market assessments, this is done by the daily information

gathering and verification process carried out by reporters,

whereby market transaction, bid and offer information is

confirmed and verified by multiple sources. The context of

ICIS reporters’ knowledge of the fundamental

supply/demand situation on a given market is also used to

verify transaction data that appears to be anomalous but

may be done at a price level explained by changes in the

physical market.

In assessing gas markets, ICIS takes into consideration

only arm’s-length transactions between non-affiliated

parties.

ICIS does not accept bids or offers that are not firm. Any

bid or offer which is demonstrably not firm will be

disregarded and further bids or offers from the same

counterparty may also be disregarded. For example, if a

company indicates to the market that it is bidding or

offering at a certain price and volume but ICIS can confirm

that it later refused to transact when that bid was hit or

offer lifted, it will not use that company’s bid/offer

information.

ICIS also excludes from its assessment process

transactions where ICIS reporters have reasonable

grounds to doubt the transaction is representative of

typical market behaviour: for example, where a deal is

concluded disregarding the best bid or offer on the

market; where there is evidence that a market participant

has disclosed only part of its market activity to ICIS; or

where a transaction lies outside the prevailing range of

typical market activity as established through other market

evidence.

ICIS actively seeks to verify the time at which reported

transactions took place. If such verification cannot be

obtained, ICIS may exclude the transaction information.

Price assessments –

Width of bid/offer spreads

ICIS publishes a minimum high/low range of RMB

50/tonne and a maximum of RMB 400/tonne.

Price assessments – Types of market

information used and collection process

ICIS gathers market information primarily via telephone,

instant messenger and e-mail.

Market information includes bids, offers and deals done

by sources or seen/heard by sources. ICIS reporters

also investigate the reasons for market price movements

and cross-check information received against market

fundamentals data.

Information is typically gathered between 08:30 and 16:30

Beijing time on the day the assessment is published

(Monday). ICIS may disregard information received after

16:30 Beijing time.

On the working day immediately preceding the Chinese

New year public holiday, ICIS assesses markets earlier

and gathers information between 08:30 and 15:00Beijing

time.

ICIS will never use information received after

assessments have been published to retroactively

correct an assessment.

Price assessments –

Transaction data threshold

ICIS does not impose a minimum transaction data

threshold on its assessment process.

Alongside its role in assessing the more active and

mature gas markets, ICIS plays a role in bringing price

transparency to new markets where trading and market

information can be sporadic. Such markets are not

conducive to minimum data thresholds.

In the absence of both transaction and bid/offer

information, ICIS procedures are described above in the

“Exercise of Judgement” section.

Price assessments - Verification of sources

ICIS policy on general market data is that we welcome

all information regardless of source or constitution as

long as it is provided in good faith as true.

However, only active market participants verified as such

by existing active industry participants and verified as a

viable business by ICIS investigations will be allowed to

contribute price data to ICIS for the purpose of

assessing tradable market value under this

methodology.

In addition, ICIS reporters use the indicators contained in

the section entitled Validation Checks on Sources from

the company’s Data Standards Policy. This policy can

be read in full in the ICIS Compliance Manual.


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Price assessments – Definitions of periods

ICIS C1 Delivered Assessments by Truck

All prices reflect trucked LNG to be delivered from the

date of assessment up to and including four days

forwards from this date. Should a public holiday fall

within this delivery period, it will still be included in the

assessment methodology.

ICIS C1 LNG Assessments Ex-works

All prices assessed reflect loading from the day of

assessment up to and including the fourth day forwards

from this date. Should a public holiday fall within this

delivery period, it will still be included in the assessment

methodology.

ICIS C1 Freight Rate Assessments for Truck

Delivered LNG

All prices assessed reflect freight rates for deliveries

from the day of assessment up to and including 4 days

ahead from the day of assessment.

Assessments are made on the Friday before publication

where Friday is a working day in China. Where Friday is

a public holiday in China, the assessment is made on

the prior working day.

Price assessments – quality specifications

LNG considered for assessment in CGM has the

following specifications:

Quality

Methane ≧75%

Nitrogen ≦5%

Density 430kg/m3 – 470kg/m3 (520 kg/m3

maximum)

Temperature -166°C - -157°C

Note: the specifications above conform to regulation GB

17820-2012, published on 11th May 2012 by the

General Administration of Quality Supervision,

Inspection and Quarantine of the People’s Republic of

China.

Price assessments – volume specifications

For all assessments the only truck size considered is19-

23 tonnes. Single transactions for delivery of 1 to 5

truckloads will be considered.

Secondary data in CGM

Benchmark city gate prices of natural gas

supplies to non-residential users in China by

province/municipality/region

These prices are the benchmark prices for non-

residential users for consuming pipeline gas delivered at

the city gate as published by the Chinese government’s

national Development and Reform Commission (NDRC).

ICIS updates this data following any change issued by

the NDRC.

City-gate prices set by local government in

some provinces/municipalities

This data represents city-gate prices for pipeline gas in

some regions, where local authorities may adjust the

central government guidelines published in the table

above.

ICIS refreshes this data following any changes issued by

the local pricing bureaus or NDRCs.

China Natural gas retail price

This price data is the monthly regulated price for retail

gas use as published by local pricing bureaus or

NDRCs.

Japan Customs-cleared Crude (JCC) Index

The JCC figure is the monthly average price of crude oil

imported by Japan from all sources, which is calculated

by the Japanese finance ministry before the end of the

following calendar month.

The full calendar of publication dates is available on the

Japanese customs website:

http://www.customs.go.jp/toukei/calendar/calend_e.htm

http://www.customs.go.jp/toukei/calendar/calend_e.htm


11

Currency conversions

ICIS C1 adopts the exchange rate released by the

People’s Bank of China at 10:00 Beijing time on each

working day. The exchange rate is a mean of offers/bids

at a specified time on a specific day. The exchange rate

provided by ICIS C1 is intended for reference only and

may differ from the exchange rate released by local

banks or other financial institutions.

Other principles and guidelines

Changes to methodology

All markets evolve, and ICIS has a duty to ensure its

methodologies for market-reporting evolve in step with

markets.

ICIS therefore regularly conducts internal reviews of the

appropriateness of its methodologies.

Draft changes are then made public and comment

requested from industry participants, with a minimum

one-month notice period, except where, exceptionally, a

force majeure event (natural disaster, war, bankruptcy of

a trading exchange etc) makes necessary a shorter

notice period.

ICIS is committed to reviewing all comments on

proposed methodology changes, but in some cases may

find it necessary to alter its methodologies against the

wishes of some market participants.

Consistency

ICIS achieves consistency between its assessors in

exercising their judgement by requiring all assessors to

understand and follow this detailed methodology as well

as the company’s Editorial Standards document.

Data standards

ICIS has a public Data Standards Policy which covers

the type and quality of information it asks market

participants to report.

The following principles relate to ICIS China Gas Market

assessments and commentaries:

Where possible, please allow access to active market

traders and allow them to comment on active news

stories.

Where possible, please provide market data from

both front and back-office functions.

Where possible, please provide complete data and

not a subsection.

Flag inter-affiliate transactions.

When a source or contact leaves the organisation

please alert ICIS to the replacement (ICIS requests that

both the source and the organisation contacts them).

Where information is not validated by the source (i.e.

rumour) please indicate as such.

Delivery locations

Locations for ICIS CGM assessments are chosen to

reflect areas of traded liquidity. Assessments relate to

physical delivery at any point within the named province.

See section above: “Definition of Trading Locations”

Key submitter dependency

Because of the sometimes thinly-traded nature of certain

gas markets and the existence of markets where there

are a limited pool of active counterparties, ICIS does not

employ minimum rules on the number of submitters.

ICIS plays a key role in bringing price transparency and

efficient trading to markets in the early stages of

development.

Market Communication

ICIS communicates with a broad range of market

participants – traders, brokers, back-office employees,

supply managers, operations personnel and company

executives – to obtain market information.

ICIS communicates with participants by telephone,

email, instant messenger and face to face. All instant

messenger, email communication and notes of any face-

to-face communication are archived and details of

telephone communication are logged and data-based.

ICIS does not accept instant messenger communication


12

from unknown parties, and reporters are required to

verify a market participant’s identity prior to using instant

message communication.

ICIS reporters are bound by a Code of Conduct to report

to their superiors any coercive or threatening

communication from market participants, or any offers of

inducements of any kind intended to influence an

assessment.

Where improper communication appears to have taken

place, ICIS will communicate in the first instance with

senior management at the company or companies

involved, and if necessary with relevant market

authorities.

ICIS expects the highest standards of propriety from all

market participants, and regards all communications

from market participants as representative of the views

of an individual’s employer.

Market data verification

ICIS will always make best endeavours to confirm bids,

offers and transactions with the relevant party/parties.

ICIS attempts to cross-check all market data received

from a buy or sell-side participant with a participant’s

trading counterparty.

Where both counterparties to a transaction cannot or will

not confirm the data, ICIS seeks corroboration from

other market sources.

Where ICIS has grounds to doubt an item of market

data, it may request further evidence that a transaction

has taken place, including documentary evidence.

In markets with low liquidity and a low number of

counterparties, ICIS may choose to use unconfirmed

data, but only in so far as it is aligned with other market

information and comes from a source deemed reliable

by ICIS based on previous interactions.

Minimum data threshold

Because of the sometimes thinly-traded nature of certain

gas markets and contracts, ICIS does not have a

minimum data threshold for its assessment

methodologies in these markets. ICIS’ China Gas

Markets (CGM) methodology is designed to function

accurately under all market conditions and to make use

of parallel data where no direct transaction or bid/offer

data is available. See the section entitled “Price

Assessments – Exercise of Judgement” above.

Units

ICIS assesses China LNG truck markets in the units

which attract the majority of trade. Most trading activity

takes place in CNY/tonne, which is the unit chosen by

ICIS for its price assessments. Trading also takes place

in CNY/cubic metre. Trade in this unit is also taken into

account and converted into CNY/tonne.

ICIS uses the conversion factor appropriate for each

individual LNG loading location. These conversion

factors are published in China Gas Markets.

Where ICIS has transaction information for delivered

deals in CNY/cubic metres and cannot obtain the

precise loading location, it will use a standard conversion

factor of 1 tonne = 1,389 cubic metres.

ICIS Contact Details

To comment on this document or request further

information please contact:

Sarah Chen

Analyst

[email protected]

+86 21 5155 0065

Charlene Zhou

Analyst,

[email protected]

+86 02051550198

mailto:[email protected]

mailto:[email protected]


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China-Gas-Markets-Methodology-23-October-2017 · ICIS regards all arm’s-length transactions which meet its specification criteria as carrying ... highest and lowest retails prices

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