China's LNG market is getting used to new record-high imports as demand soars. LNG regas terminals in north China have been operating up to 50% higher than their nominal capacity. The tight market has sparked more commercial activity. CNPC has signed LNG SPAs with Cheniere, hoping to hedge against other supply risks, especially during winter. As the controlling shareholder, ENN is working with Santos to form a joint venture on LNG trading in its quest to become a vertically integrated player. Pacific Oil & Gas and Yudean have started building the Yangjiang LNG terminal in Guangdong and Sinopec finally commissioned its Tianjin terminal in early February.