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  • By The Financial District

China Stumps Putin By Inking 24-Year Gas Deal With U.S.

China appears not to want to be entirely reliant on Russia for its fossil fuel supply, as state-backed PetroChina struck a major deal to import millions of tons of liquefied natural gas (LNG) from the U.S. every year for decades, according to Anrony Ashkenaz of the UK's Daily Express.


Photo Insert: Cheniere Energy, Inc., an international energy company headquartered in Houston, Texas, and is the leading producer of liquefied natural gas in the United States, will provide PetroChina, the listed arm of state-owned China National Petroleum Corporation (CNPC), with up to 1.8 million tons per year until 2050.



Bloomberg's Stephen Stapczynski tweeted, “China just signed ANOTHER deal to purchase LNG from the US.”


Cheniere Energy, Inc., an international energy company headquartered in Houston, Texas, and is the leading producer of liquefied natural gas in the United States, will provide PetroChina, the listed arm of state-owned China National Petroleum Corporation (CNPC), with up to 1.8 million tons per year until 2050. The initial supply will begin in 2026.


Last year, the U.S. and China signed more than a dozen LNG contracts." He went on to say, “US-Europe LNG deals? There have been a few, but not nearly as much as US-China LNG deals.”



Such a pact may cause the Kremlin to fear that China will not support Russia's actions in Ukraine for fear of endangering its gas accords with the United States. China has declared itself to be totally neutral in the face of Russia's invasion of Ukraine, refusing to denounce Putin's actions and rejecting economic measures against Russia.


However, just a few weeks before the invasion, Russia agreed to a 30-year contract to supply gas to China through a new pipeline, with sales settled in euros.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

According to a Beijing-based industry official, the Russian state-backed gas behemoth Gazprom has agreed to supply Chinese state energy major CNPC with 10 billion cubic meters (bcm) of gas per year.


“We are pleased to build upon our existing and successful long-term relationship with PetroChina and sign our first LNG contract that crosses over into the second half of this century," said Jack Fusco, President and Chief Executive Officer of Cheniere.


Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

"PetroChina is a leading energy company in one of the largest and fastest-growing markets for LNG. This SPA increases Cheniere’s long-term sales to PetroChina to approximately 3 million tonnes per annum, and we are proud to support China’s progress toward a lower-carbon future with our reliable, cleaner-burning LNG.”


Tian Jinghui, Executive Chairman of PetroChina, commented on the agreement, saying, “Natural gas continues to play a vital role in enabling energy transition in China. We are pleased to further expand our cooperation with Cheniere in delivering LNG, one of the cleanest fuel choices to our millions of customers for many years to come."



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