Bloomberg: China cuts gas supplies to Europe

Bloomberg, citing sources, said that the Chinese authorities have banned the country’s large state-owned companies from reselling liquefied natural gas to buyers in Europe, as well as other Asian countries.

According to the agency, the move is aimed at securing China’s winter heating season, and a source told the agency, “The National Development and Reform Commission, China’s top economic body, has ordered PetroChina, Sinopec and CNOOC to keep (liquefied gas) shipments for winter use. local”.

Bloomberg reported that China has large contracts to buy liquefied natural gas from exporters such as the US, and this year Chinese traders have shifted some of those supplies to Europe due to lower domestic demand.

She added that such measures by Beijing could lead to a reduction in the supply of liquefied natural gas to Europe and exacerbate the energy crisis in European countries if next winter is cold.

Other sources indicated that the attractiveness of gas supplies from China has decreased for European buyers due to the rapid replenishment of gas reserves and the high cost of transporting gas from China.

After the start of the Russian military operation in Ukraine in February of this year, European countries and the United States imposed several packages of sanctions against Moscow, and the West directed it to a complete rejection of Russian energy resources, which caused record inflation and high fuel prices. .

Source: RIA Novosti