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Market Chatter: China LNG Importers Looking to Reduce Reliance on Qatar

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Chinese liquefied natural gas importers, including China Petroleum & Chemical Corp (HKG:0386, SHA:600028) and PetroChina (HKG:0857, SHA:601857) are in talks with exporters from outside the Persian Gulf to reduce reliance on Qatar amid the ongoing war, Bloomberg reported Friday, citing people with knowledge of the matter.

The two companies are looking to sign LNG contracts with other countries, including Canada, that would start before 2030 and would last at least 10 years, according to the report.

The pivot could signal that the disruptions in the Strait of Hormuz could reshape the LNG market, Bloomberg said.

Sinopec and PetroChina did not immediately respond to requests for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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