CNPC-PetroChina is China's largest gas supplier, supplying 66% of domestic demand in 2017, with a responsibility to ensure security of gas supply. Its LNG imports are focused in Northern China, the fastest demand growth region due to coal to gas switching policies. CNPC/PetroChina requires additional LNG as demand is expected to continue to grow strongly in north China. While we expect spot procurement to continue, CNPC/PetroChina is clearly also now ready to sign new long-term contracts. It moved to sign the Cheniere contract in January 2018. This was the first contract signed in over 4 years since agreeing to take Yamal volumes. We expect additional deals will be done to close its uncontracted position.