gas crisis. China resells gas to Europe at great profit

According to industry sources cited by WSJ, ENN Natural Gas Co. It intends to send the tanker Diamond Gas Victoria to Europe with the transport of liquefied natural gas from the Gulf of Mexico, which was purchased from Cheniere Energy. ENN could earn $110 million to $130 million on this gas load.

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Since 2021, Chinese suppliers and buyers have announced the signing of 17 contracts to supply about 19 million tons of LNG annually over the next five years, the Wall Street Journal reports. At a time when China’s demand for LNG has fallen significantly, Europe is trying to fill the gaps Raw materials energy with respect to Penalties imposed on Russia.

But It is uncertain how long Chinese companies will be able to resell LNG to Europe. It is impossible to predict when Beijing will ease epidemic restrictions, which will increase domestic demand for energy resources. It is also not known how much domestic gas production will increase in China – claims “The Wall Street Journal”.

Meanwhile, as it turns out, Chinese companies thwarted Russia’s plans to some extentthat wants to divide European countries by cutting off their gas supplies.