China's CNOOC signs LNG deal with ADNOC amid tariff war with US
China National Offshore Oil Corporation (CNOOC) has finalised a term agreement to purchase liquefied natural gas (LNG) from the Abu Dhabi National Oil Company (ADNOC), reported Reuters, citing sources.
The tariff dispute has led Chinese importers to divert away from US-sourced LNG as retaliatory tariffs have increased import costs.
Notably, China did not import any LNG from the US in March, as per data from Kpler and LSEG. In the previous year, the US accounted for around 5% of China's LNG imports, Chinese customs data showed.
The contract between CNOOC's Gas and Power Group and ADNOC is set to commence in 2026 and will span five years, involving the supply of 500,000 tonnes per annum of LNG.
The details were disclosed by an industry source familiar with the agreement. However, the sources requested anonymity as they were not authorised to speak publicly on the matter, the report said.
At present, CNOOC has not provided any comments in response to inquiries about the deal. Similarly, ADNOC has not yet made any official statement in response to requests for comment.
This deal is one of the three contracts that the Middle Eastern energy supplier has recently signed with Chinese buyers, highlighting a shift in China's LNG procurement strategy due to the ongoing tariff war with the US.
These agreements include a 15-year contract between ENN Natural Gas and ADNOC for the supply of one million tonnes per annum of LNG, starting in 2028. ENN Natural Gas confirmed the deal through a WeChat post.
Additionally, Zhenhua Oil, a state-owned energy trader, has also entered into a five-year agreement with ADNOC, due to begin in 2026. This contract will see the delivery of up to 12 LNG cargoes each year.
"China's CNOOC signs LNG deal with ADNOC amid tariff war with US" was originally created and published by Offshore Technology, a GlobalData owned brand.
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