Skip to content
Markets

China Scouts for LNG in Risk to Gas Market’s Delicate Balance

  • Cnooc looks to buy LNG cargoes for delivery through June 2024
  • Large LNG purchases by China could curb supplies to Europe
An LNG terminal at the Yangshan Deepwater Port in Shanghai.

An LNG terminal at the Yangshan Deepwater Port in Shanghai.

Photographer: Qilai Shen/Bloomberg

China is looking for shipments of liquefied natural gas into next summer, a move which could tighten global supply and steal shipments away from Europe.

State-owned China National Offshore Oil Corp. is looking to purchase LNG shipments from June 2023 to June 2024, according to traders with knowledge of the matter. Cnooc didn’t specify how many shipments it is seeking to buy, but noted that suppliers must offer at least one cargo for winter delivery, the traders said.