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Commodities

China locks in record long-term LNG deals to bolster energy security

U.S., Qatar and Russia top sellers to world's largest importer

An LNG tanker leaves PetroChina's terminal in Dalian, China. In addition to the top state-owned energy groups, companies tied to regional governments or in the private sector are inking more deals with overseas suppliers.   © Reuters

TOKYO -- As global competition for liquefied natural gas intensifies in response to the Ukraine war, China is increasingly turning to long-term contracts of a decade or more to ensure the country's growing needs will continue to be met years into the future.

Chinese demand for natural gas grew at the fastest rate on record in 2021. LNG demand jumped 18% to 78.9 million tons, surpassing Japan as the largest importer.

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