China is set to double its imports of American natural gas after state-run companies agreed three long-term supply deals with Venture Global LNG, as Beijing looks to stabilize its future energy supply, reports the Financial Times.
Oil and gas giant Sinopec has agreed two deals to buy at least 4 million tonnes a year of liquefied natural gas (LNG) from Venture Global’s proposed new export project in Louisiana, which is due to come online in mid-2023.
Venture Global also revealed details of a third agreement with Unipec, Sinopec’s trading arm, which will involve shipments of 1 million tonnes a year from the US group’s Calcasieu LNG plant, which is due to start initial exports later this year.
The LNG deals come amid mounting trade and security tensions between Washington and Beijing and as soaring energy prices underscore the need for China’s energy-hungry economy to lock in supply.
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