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Coronavirus Causes Slump in China LNG Demand, an Industrial Info Market Brief
Industry Segment: Market Brief | Word Count: 171 Words
China's liquefied natural gas (LNG) imports have been impacted by the lockdowns of factories and cities in China as a result of the coronavirus outbreak. CNOOC, China's primary importer of LNG, has declared force majeure in order to free it of obligations when it comes to LNG international contracts, according to Oil & Gas 360.
. PetroChina has delayed cargo discharges because of the uncertainty of demand in the downstream sector, as well as with the shortage of workers. China has contracts to buy LNG from Indonesia, Malaysia, Qatar, Australia, Russia, Papua New Guinea and the U.S.
The spread of the coronavirus does not appear to be slowing, which has raised concerns among LNG sellers, since Chinese companies may either defer or cancel their LNG contracts. And if the spot price continues to fall, sellers are faced with the pressure of renegotiating their existing contracts or may even hesitate to enter new ones.
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