Oil and gas giant China Petrochemical Corp, or Sinopec, and its subsidiaries have signed three long-term supply agreements with Venture Global LNG.
Since Chinese state-owned enterprises have signed three long-term supply agreements with the American company Venture Global LNG, China's natural gas imports from the United States will more than double. Beijing hopes to increase purchases from the United States to secure China's future energy supply.
Oil and gas giant Sinopec has reached two agreements to purchase at least 4 million tonnes of LNG annually from Venture Global's new export plant in Plakemines County, Louisiana. The project will be launched in mid-2023.
Energy scarcity casts a shadow on China's economic prospects and makes producers nervous. This is a global problem. In addition, the pandemic is hampering economic stability.