SHPGX launched more pipeline gas bids on Sep 18-21: According to SHPGX(Shanghai Petroleum and Natural Gas Exchange), more gas bids are going to beheld for buyers from East, North, South, West and Southwest China. The biddingwill start at 9am and end by 3pm. For West China, the bidding is for buyers inShaanxi and Inner Mongolia, and the minimum bid price is Rmb1.43/cbm, and themaximum price is Rmb1.7cbm, according to SHPGX. Compared with the latest citygate price of Rmb1.24/cbm in Shaanxi and Inner Mongolia, the minimum bid priceis at a 15% premium while the maximum is at a 37% premium.    Further progress on pipelines' open access with more disclosure of tariff anddistance: According to SHPGX, PetroChina, Sinopec, Inner Mongolia Datang Coalto Gas Company and other natural gas pipeline companies have released naturalpipeline distances and tariff details. Such full disclosure implies further progresson pipelines' open access, we believe. However, for pipelines with full/highutilization, the next issue will be how to prioritize the pipe usage between existingand new users, in our view.    LNG price rose 3% last week, to US$10.52/mmbtu: LNG prices increased inNortheast, East, South, North and Central China. They declined in Northwest andremained stable in Shandong and Southwest.

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