China is offering life support to beleaguered US and other liquefied natural gas (LNG) producers hit by the double whammy of a multi-year supply overhang and the Covid-19 pandemic’s rising economic fallout. China’s procurement of US LNG represents a certain olive branch after a 13-month punitive halt on purchases due to the US-China trade war.
On April 20, the US LNG tanker Maran Gas Vergina berthed in Tianjin, where oil and gas super majors Chinese National Offshore Oil Company (CNOOC) and Sinopec operate LNG receiving terminals. Three more US gas cargoes are expected to arrive later this month and two in May, Refinitiv shipping data shows. Read More…
