China Looks to Resell LNG as World Grapples With Gas Shortage
- Cnooc and Sinopec offer dozens of cargoes for 2022 delivery
- Sales tenders indicate top importer is well supplied
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China, the world’s biggest buyer of liquefied natural gas, kicked off an unprecedented effort to resell its supply, alleviating global fuel shortage fears that have sparked record prices this winter.
Two of China’s biggest state-owned LNG importers released tenders this week offering to sell dozens of cargoes for delivery through November. With the end of the peak winter demand season within sight, Chinese traders are betting that the nation will avoid a crippling supply crunch and can offload excess cargoes.