China Soaks Up New Long-Term LNG Supplies

Copyright © 2021 Energy Intelligence Group

China’s state-owned and private firms have sprung into action in recent weeks to commit to a total of almost 9 million tons per year of long-term LNG supplies. Gripped by the country's fuel shortages and a power crisis, which makes energy security a top priority, the rash of Chinese LNG deals has come amid a surge in Asian spot prices above $30 per million Btu driven by tightening global supplies and strong post-pandemic demand.

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