China stops LNG sales to Europe amid energy crisis; Beijing cites domestic need
Trouble mounts for energy crisis-hit Europe ahead of the winter. According to a Bloomberg report, China has told its state-owned gas importers to stop reselling Liquefied Natural Gas (LNG) to foreign buyers to secure the nation’s own supply. Petrochina, Sinopec, and CNOOC have been asked to keep their winter supplies for domestic use. Notably, Chinese state-owned importers have been reselling LNG to Europe. Sales have offered some relief to energy-starved European buyers. The move by China to secure its own supply could drain shipments to Europe and exacerbate the region’s looming energy crunch this winter. Watch this report for full details.