China tightens grip as dominant LNG buyer with long-term deals

Sinopec leads way with Chinese companies locking in 40% of recent contracts

A liquefied natural gas terminal owned by China's ENN Group in Zhejiang province near Shanghai. © Reuters

RYOSUKE HANAFUSA and SHUNSUKE TABETA, Nikkei staff writers

January 24, 2023 03:28 JST

HOUSTON, U.S./BEIJING -- China is quickly becoming the dominant force in liquefied natural gas, with Chinese buyers accounting for 40% of recent long-term LNG contracts among global players.

Chinese energy major Sinopec Group reached a 27-year agreement with state-owned QatarEnergy late last year to buy 4 million tonnes of LNG annually. The imports are due to begin around 2026.