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Dearth in China's U.S. LNG Imports Could End with Interim Trade Deal, an Industrial Info Market Brief
Industry Segment: Production | Word Count: 148 Words
China, the fastest growing market for liquefied natural gas (LNG) has not imported a cargo from the U.S. since April after placing a 25% tariff on imports last year. U.S. Secretary of Commerce Wilbur Ross mentioned in speaking to reporters during his Asia trip that LNG could be part of the Phase I deal. China can't buy $50 billion of U.S. agricultural goods, but if you include LNG and oil the number becomes feasible.
There is $86 billion in U.S. LNG liquefaction projects in advanced development, $38 billion of which are fully permitted and heavily reliant on signing long-term sales contracts before reaching a financial investment decision to move forward. While 2019 has been a record year for LNG project approvals in the U.S., without a trade deal in place with China the prospects of a repeat of this for next year are bleak.
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