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Oman LNG has agreed to supply China's Unipec with around 1 million metric tonnes of liquefied natural gas (LNG) per year for four years starting in 2025, state news outlet Oman News Agency said on Tuesday.
This is the first contract that Oman LNG has signed with a Chinese firm, with the contract being a step that "promotes the company's efforts to reach new markets," said Oman LNG in a Twitter post on the deal.
Unipec is the trading arm of Asia's largest refiner, Sinopec. Earlier in November, Sinopec signed a 27-year supply deal with QatarEnergy for 4 million tonnes of LNG per year, the longest such agreement to date.
China was the world's biggest importer of LNG in 2021, but surrendered the title back to Japan last year as stringent COVID-19 policies affected its economy.
The country had also cut back on spot purchases this winter, relying on piped gas and long-term contracts instead, after gas prices soared following Russia's supply cuts to Europe. Russia's move placed enormous strain on the European and global gas market, leading Asian spot LNG prices to also hit record highs last year.
(Reuters with edits; Cover image via CFP)
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Disinformation report hotline: 010-85061466