Letter from China: LNG deals show pragmatism in US-China ties
A US LNG project developer has signed the first long-term supply contracts with a Chinese buyer in nearly four years
Recent long-term LNG deals between the US and China suggest that the two rivals can still cooperate if interests align. Venture Global LNG—developer of the 10mn t/yr Calcasieu Pass and 20mn t/yr Plaquemines export facilities in Louisiana—signed two sales-and-purchase agreements (SPAs) with China’s state-controlled Sinopec, according to a letter the American company filed with the US Department of Energy at the start of October. The 20-year deals, one for 2.8mn t/yr and the other for 1.2mn t/yr, are by far the largest contracts by volume for US LNG agreed to by a single Chinese entity. Venture Global also signed a three-year deal to supply 1mn t/yr to Unipec, the trading arm of Sinopec, from
Also in this section
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment