China's top energy firms are sending natural gas to European nations struggling with Russia's supply cuts
Ju Peng/Xinhua via Getty Images
- Traders told Bloomberg that Chinese energy groups are sending liquefied natural gas to European nations.
- Major firms including Sinopec have send natural gas shipments to Europe throughout the year, per the report.
- China, the world's biggest buyer of the key fuel, has seen demand slump amid strict COVID-19 policies in 2022.
China's largest energy firms are sending liquefied natural to European nations as an energy crisis sweeps the continent, according to a Bloomberg report.
Traders told Bloomberg that major shippers including Sinopec and PetroChina Co have sold shipments of liquefied natural gas to to struggling European nations throughout the year.
The shipments from China come as Russia halts flows indefinitely via the Nord Stream 1 pipeline, continuing its streak of reducing energy supplies to Europe.
Even small Chinese gas importers like ENN Energy Holdings and JOVO Group, have been offering to sell their gas supplies, the traders said.
Additional resources should provide moderate relief in Europe, however natural gas prices in both Europe and Asia continue to trade around all-time highs for this time of year.
Last year, China was the world's biggest buyer of liquefied natural gas. However, Beijing's stringent COVID-19 lockdowns have resulted in 20% lower demand this year.
Meanwhile, Russia's Gazprom said Tuesday it plans to sell gas to China in both rubles and yuan to shift away from the euro.
The Kremlin's state-run gas giant said the payments would take effect immediately.
Since war in Ukraine began. Russia's increased trade with China has helped bolster domestic demand for the yuan. Now, Russia stands as the third-largest market for yuan transactions outside the Chinese mainland.
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