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
15 July 2025
Government consultations on the windfall tax and the exploration licence ban are positive steps, but it is unclear how long it will take for them to yield tangible outcomes
15 July 2025
A brutally honest picture about the potential role of oil and gas in 2050 should prompt policymakers to not only reflect but also change course to meet vital energy needs
14 July 2025
Robust demand and a limited supply of additional physical barrels from key OPEC+ producers has kept the oil market in a healthy price range
11 July 2025
Equinor and its partners at Norway’s largest oilfield have pulled the trigger on a fresh $1.3b investment that will maintain high output for longer
