China to Buy $52B of Additional US Energy Products
https://www.rigzone.com/news/wire/china_to_buy_52b_of_additional_us_energy_products-15-jan-2020-160810-article/January 15, 2020
China agreed to buy $52.4 billion of additional U.S. energy products as part of a landmark trade deal signed by the world’s two top economic superpowers.
The purchases over two years will include liquefied natural gas, crude oil, refined products and coal, the U.S. government said Wednesday in Washington. It didn’t provide additional details on the energy purchases, which comprise about a quarter of the $200 billion total of extra imports that China has committed to.
The accord is a promising sign for the U.S. LNG industry, which is facing a global market awash with excess supply. China, the world’s fastest-growing buyer of the heating and power-plant fuel, hasn’t imported any American cargoes since February 2019.
Though shipments of shale gas from American export terminals completed in the past three years have made the U.S. one of the world’s top suppliers, some newer projects have stalled without Chinese purchasers. The struggle to sign long-term sales contracts has undermined efforts to secure financing for the multibillion-dollar facilities....
