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China’s biggest energy groups are diverting more liquefied natural gas away from their languishing home market, offering some relief to desperate buyers suffering supply shortages in other parts of the world.
Cnooc is offering to sell an LNG cargo for November loading from the North West Shelf export project in Australia, according to traders with knowledge of the matter. That comes after other major shippers, including Sinopec and PetroChina Co., sold several LNG shipments from US projects to energy-starved Europe throughout the year, traders said.
The supplies should provide modest respite for natural gas markets rocked by Russia halting a key pipeline to European customers. Natural gas prices in Europe and Asia are trading at an all-time high for this time of year, forcing governments to consider unprecedented steps to protect businesses and consumers.
China was the world’s top LNG buyer in 2021, but the nation’s strict Covid Zero policies and economic slowdown mean demand has slumped more than 20% this year. The divergence between China and the rest of the world means global buyers are willing to pay much higher rates.
China Going Quiet on LNG Hides Risk That May Upend Global Market
Even smaller Chinese LNG importers, such as ENN Energy Holdings Ltd. and JOVO Group, have been actively offering to sell shipments for delivery to ports in Asia, traders said.
