Market Chatter: PetroVietnam Gas to Secure Major Gas Supply from US amid Middle East Crisis
PetroVietnam Gas JSC (HOSE:GAS) plans to ramp up liquefied petroleum gas (LPG) imports from the US in May, as Middle East war-related disruptions shift global energy supply patterns, Bloomberg News reported Tuesday.The state-owned firm expects to import about 66,000 tons from the US next month, compared with 44,000 tons from the Middle East, where supply chains have been hit by the effective shutdown of the Strait of Hormuz.US shipments have already surged this month to roughly 76,000 tons, up sharply from just 2,200 tons in March, when PV GAS first tapped the market. The company said force majeure declarations by suppliers have disrupted term contracts, prompting a shift toward alternative sources across the US, Australia, Europe and Africa, reportedly.In total, the company expects to secure around 250,000 tons of LPG in the three months following the outbreak of the conflict, with more than half sourced from the US, the news outlet said.(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.)
