China's GCL, Shell Working on LNG Trading JV

GCL Oil& Natural Gas Co Ltd has entered a framework agreement with Royal Dutch Shell to explore setting up a joint venture based in eastern China to market and trade liquefied natural gas (LNG), the privately-owned Chinese company said on Tuesday.

The proposed JV would secure LNG supplies from Shell and market the fuel to a receiving terminal which GCL is planning in Jiangsu province, GCL said in a statement.

A Shell spokeswoman confirmed the agreement.

The companies provided no further details. 

(Reporting by Chen Aizhu; editing by Jason Neely)