China's Leap In Global LNG Market: More US And Qatari Contracts In Play
China’s liquefied natural gas (LNG) importers are enhancing their trading desks in London and Singapore to manage their growing supply portfolios in the volatile global market, Reuters reports. This move positions them against global giants like Shell, BP (NYSE:BP), and TotalEnergies (NYSE:TTE).
Chinese companies like ENN Natural Gas and China National Offshore Oil Corp are planning London offices, while China Gas Holdings is initiating a Singapore operation.
Chinese gas importers have increased their long-term LNG contracts with Qatar and U.S. suppliers by nearly 50% since late 2022, exceeding 40 million metric tons per year, according to the International Energy Agency.
“We’re going to see a paradigm shift in Chinese companies from being total net importers to (being) more international and domestic trading players,” commented Toby Copson of Trident LNG.
State-run PetroChina, Sinopec, and CNOOC are leveraging market volatility to capitalize on their long portfolios.
Image via Shutterstock
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