9/6/2022
China’s largest energy firms are sending liquefied natural to European nations as an energy crisis sweeps the continent, according to a Bloomberg report.
Traders told Bloomberg that major shippers including Sinopec and PetroChina Co have sold shipments of liquefied natural gas to to struggling European nations throughout the year.
The shipments from China come as Russia halts flows indefinitely via the Nord Stream 1 pipeline, continuing its streak of reducing energy supplies to Europe.
Even small Chinese gas importers like ENN Energy Holdings and JOVO Group, have been offering to sell their gas supplies, the traders said.
Additional resources should provide moderate relief in Europe, however natural gas prices in both Europe and Asia continue to trade around all-time highs for this time of year.
Last year, China was the world’s biggest buyer of liquefied natural gas. However, Beijing’s stringent COVID-19 lockdowns have resulted in 20% lower demand this year.
Meanwhile, Russia’s Gazprom said Tuesday it plans to sell gas to China in both rubles and yuan to shift away from the euro.
The Kremlin’s state-run gas giant said the payments would take effect immediately.
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