Chinese oil companies try to renegotiate import deals
Sinopec is negotiating with Origin amid weak gas demand and oversupply on their own soil
Chinese national oil companies (NOCs) are desperately trying to renegotiate term liquefied natural gas (LNG) import deals as they face weaker gas demand and oversupply at home. Talk of reneging on deals, seems just that, but such a move could trigger the collapse of long-term contract pricing formulas, especially if an established Asian buyer followed suit, analysts reckon. Sinopec, China’s second-largest NOC, is attempting to renegotiate its term deal with the Origin-led Australia Pacific LNG (APLNG) scheme, resorting to various negotiating tactics, sources close to the project told Petroleum Economist. This include potentially forced delays in the construction of its Guangxi LNG import ter
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
