China buys Russian LNG, while it fell in price

Alexey Gromov, Principal Director on Energy Studies of the Institute for Energy and Finance, commented to Business FM on the growing interest of Chinese consumers in Russian LNG.

Chinese importers are negotiating purchases of Russian LNG at reduced prices, Bloomberg reports citing sources. According to the publication, we are talking about companies such as Sinopec and PetroChina.

“I think that now many of Russia's Asian partners, just as in the case of oil, are taking advantage of the situation when the prospects for the sale of Russian hydrocarbons in the West are not very clear. First of all, this, of course, concerns oil products, but liquefied natural gas also has its own difficulties when selling in Europe. I mean, in March we saw a number of ports in European countries, such as the UK, refuse to accept Russian gas carriers to unload LNG already purchased. And against this background, China offers its services, it is interested in acquiring large volumes of Russian gas - not only pipeline, but also liquefied."