Media: China stopped selling LNG abroad to accumulate stocks

MOSCOW, 17 Oct — PRIME. China has asked state-owned importers to stop reselling liquefied natural gas (LNG) to buyers in Europe and Asia. The country is aiming to secure its gas reserves before the winter season. This was reported today by Bloomberg News.

The National Development and Reform Commission of the People’s Republic of China asked PetroChina Co, Sinopec and Cnooc Ltd to save winter supplies for domestic use, the statement said, citing people familiar with the matter.

The committee could not be contacted. PetroChina, Sinopec and Cnooc did not immediately respond to a Reuters request for comment.

Chinese LNG importers plan not to enter the spot market this winter as demand falls to the lowest level since 2002. This means that the world’s leading importer of this type of fuel, most likely, will not compete with Europe facing the crisis for supplies.

Chinese authorities announced today that the country will significantly increase its domestic energy supply capacity and reserves of key raw materials. Commitment to the policy of ensuring reserves and stabilizing prices for raw materials was reaffirmed.