PetroChina Signs Purchasing Agreement With Petronas For LNG

PetroChina International Co Ltd announced the signing of a sales and purchase deal for liquefied natural gas (LNG) with Malaysia's Petronas.

The agreement, inked on April 17, is the pair's first medium-to-long-term LNG sales and purchase arrangement, PetroChina said in a statement on Tuesday.

Petronas did not reply quickly to a request for comment.

In 2021, China was the world's leading LNG importer, importing 78.8 million tonnes of the super-chilled fuel. Last year, Japan surpassed it because to high spot prices and after severe COVID-19 containment measures curtailed economic activity and energy demand, with imports falling to 63.4 million tonnes.

In March, an executive at PetroChina Co Ltd, the listed subsidiary of state-run China National Petroleum Corp and China's largest gas importer, stated that China's natural gas demand is anticipated to increase this year as the economy improves, but that any import resurgence would be contingent on spot prices.

PetroChina Company Limited is the listed arm of the state-owned China National Petroleum Corporation, based in Beijing's Dongcheng District. In 2006, the business was China's second largest oil producer and Asia's largest oil and gas producer.