China Signs Huge LNG Deals with US Supplier Venture Global

For China—which has this year overtaken Japan as the world's top LNG buyer—the deals will be its single largest LNG trade agreement in terms of volumes without an equity stake, a senior Beijing-based gas industry source said.

Jessica Jaganathan and Chen Aizhu, Reuters

China has inked three huge LNG deals on Oct. 20 with U.S. exporter Venture Global LNG as the world's second-biggest economy looks to secure long-term supplies amid soaring gas prices and domestic power shortages.

According to documents posted on the U.S. department of energy website, the agreements with China's state oil giant Sinopec include two 20-year deals for a combined 4 million tonnes of LNG per year.

Those deals bring Venture Global's plant in Plaquemines, Louisiana, with an export capacity of up to 20 million tonnes per annum (MTPA), one step closer to a final investment decision which is expected by the end of this year.

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