[ad_1]
It was reported by Reuters on 19 September 2023 that China’s Sinopec has ordered “more than 30 cargoes of liquefied natural gas (LNG) via a tender for October 2023 to the end of 2024.”
This tender for LNG shipments is reportedly tied to ongoing legal issues facing the contract problems with USA-based LNG trader Venture Global. As quoted in the Reuters report,
“The tender is for both securing supply for winter and topping up supply pool. Sinopec is short near-term because Venture Global has failed to supply.
LNG trading has become a sharp edge of competition for pricing and supplies ever since it became a viable import option to wide range of customers throughout Asia and Europe. Due to the ongoing issues with OPEC’s oil production cuts and lack of policy direction from US shale production, LNG is likely to become the most reliable source of energy supplies for countries that have the capacity to import it.
At least this would be the case, for the short-term, as energy security dilemmas are dictating both the foreign and industrial policies of most countries in the European and Asian markets right now.
As for the long-term energy demand scenarios, global watchers should not go to sleep on any of the developments related to global hydrogen production. Sinopec has also announced its strategy to produce green hydrogen domestically. Read more content about the Energy Transition Strategies in Areas & Producers.
The Gold Forum Americas was held this week. It is a notable investor’s meeting for the mining industry, particularly the precious metals sector.
[ad_2]
Source link