The nation is on track to be the world’s top importer of liquefied natural gas in 2023. Read more at straitstimes.com.
BEIJING – China is on a natural gas shopping spree, and officials are happy for importers to keep striking deals even after a global energy crisis has eased.
China is looking well into the future to avoid a repeat of energy shortages, while also seeking to fuel economic growth. Long-term LNG contracts are attractive because shipments are promised at a relatively steady price compared to the spot market,“Energy security has always been a priority for China,” said Mr Toby Copson, global head of trading and advisory at Trident LNG in Shanghai. “Having ample supply in their portfolio allows them to manage future volatility. I would expect to see more.
The resulting high prices and global competition for the super-chilled fuel provided a quick lesson in the need for stable supplies. Part of China’s push for energy security is to diversify imports among various countries as a cushion against further geopolitical disruptions. Qatar is in talks with several Chinese buyers for sales contracts that could last more than 20 years, the traders said.
The government is not forcing companies to sign deals, and traders will only ink agreements that have attractive prices, the traders said. Chinese buyers are also using the new LNG contracts to expand portfolios and unlock lucrative trading opportunities.The bullish demand outlook is not certain, however, especially as China boosts gas production at home, while overland shipments from Russia could rise if new pipelines are constructed.
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