Venture Global said in a statement that the deal is the largest long-term LNG contract between Chinese and American companies.
see photosThe LNG will be supplied from the Plaquemines plant in Louisiana.
China’s Sinopec has signed a contract with US venture Global LNG to buy 4 million tonnes of liquefied natural gas (LNG) annually for 20 years. Venture Global said in a statement that the deal is the largest long-term LNG contract between Chinese and American companies. The LNG will be supplied from the Plaquemines plant in Louisiana.
Mike Seibel, chief executive officer of Venture Global LNG, said, “This sale agreement is historic … The deal will also strengthen bilateral economic and trade cooperation between the US and China, which represented billions of dollars in trade during the contract. ” , said in a video ceremony on Thursday.
He said the deal would double China’s imports of US LNG.
China imported 6.32 million tonnes of LNG from the United States in the first nine months, Chinese customs data showed.
Sinopec expects natural gas prices in China to rise at least 20% in the fourth quarter compared to a year ago
But the company did not specify the value of the deal or when the supplies would begin. Analysts expect the Plaquemines plant to start production in 2024.
In October, Reuters reported that China had agreed three big LNG deals with the firm as Beijing seeks to secure long-term supplies amid rising gas prices and a shortage of domestic electricity.
Separately, Sinopec’s subsidiary Unipec will also purchase a total of 3.5 million tonnes of LNG from the Calceu Pass project, owned by Venture Global LNG, for a short period of time, the statement said.
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Sinopec expects natural gas prices in China to rise at least 20% in the fourth quarter from a year ago, as executives at energy firms predict gas demand will rise 10% this winter.
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