Letter from China: Long-term LNG demand looks strong
Last year’s slip in gas consumption does not affect the outlook to mid-century
Speculation that China is nearing a new long-term LNG supply deal with Qatar—that would take cooperation through to the middle of this century—underlines how the long-term growth story for gas in the Asian giant remains intact as Beijing looks to back up its immense buildout of renewable energy. State-controlled CNPC is reportedly in talks with state-owned QatarEnergy to buy LNG from the latter’s 49mn t/yr North Field East (NFE) expansion programme on similar terms to the 27 year-long SPA for 4mn t/yr signed by domestic peer Sinopec last November. Sinopec’s contract will be met through the NFE expansion and marks the longest-duration contract ever signed by QatarEnergy. The first phase of th
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