China decided to stop LNG supplies to Europe
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Large Chinese state-owned companies have been banned from reselling liquefied natural gas (LNG) to European customers, as well as to other Asian countries. Restrictions were introduced to ensure the winter heating season in China itself, Bloomberg reports citing sources.
According to the agency, the LNG re-export ban was imposed at the direction of the National Development and Reform Commission (China’s main economic body) against PetroChina Co, Sinopec and Cnooc Ltd.
The regulator, as well as the companies themselves, did not comment on these data to the agency.
China has large contracts for LNG imports, including from the US. Due to low demand within China this year, traders have redirected part of these supplies to the European market.
The agency notes that such steps by Beijing could exacerbate the energy crisis in Europe in the event of a cold winter.
Read also: “Italian minister predicted Europe “full of fear” winter”
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