China Petroleum and Chemical Corp plans to sign a 20-year liquefied natural gas ...
SINGAPORE - China Petroleum and Chemical Corp plans to sign a 20-year liquefied natural gas supply agreement with Cheniere Energy once China and the United States end their trade dispute, two sources with knowledge of the matter said on Wednesday.
“Without the trade spat, the deal should have been signed some time ago,” the source said, declining to be named because the matter is not public. Sinopec, a late comer to China’s LNG scene compared to domestic rivals China National Offshore Oil Corp and PetroChina, has said it wants to more-than double its receiving capacity over the next six years to around 41 million tonnes annually, by building three new terminals along China’s east coast and expanding existing facilities.
In February 2018, before the trade war started, PetroChina’s parent company CNPC signed a 20-year deal with Cheniere to buy 1.2 million tonnes of LNG a year through 2043, with a portion of the supply beginning in 2018.
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