Energy
Vitol Sees Growing Russian Shipments to China From Arctic LNG 2
The resource base for Novatek's Arctic LNG 2 project in the Gydan Peninsula on the Kara Sea shore line in the Arctic circle.
Photographer: Natalia Kolesnikova/AFP/Getty ImagesVitol Group expects sanctioned Russian liquefied natural gas shipments to increasingly make their way to China, bringing an “important change” to the global trade of the fuel.
After three cargoes from the US-banned Arctic LNG 2 plant landed at China’s Beihai terminal over the past two weeks, the world’s top commodities trading house sees as many as 10 to 13 shipments a month going to the Asian nation, Pablo Galante Escobar, head of LNG at Vitol, said at the Gastech conference in Milan. They will most likely go to one or two terminals only, he said.