China's economic slowdown has left it with a surplus of natural gas that it is re-selling to energy-strapped Europe, according to a report.
Boosted by cargoes from China, Europe's imports of liquefied natural gas jumped 60% year-on-year in the first half of 2002, according to a Nikkei report citing data from research firm Kpler.
China's economy has slowed sharply in 2022 as Beijing implemented a strict zero-COVID policy and as a crisis grips the country's highly indebted property sector. Economists think it is likely to fall well short of the government's aim of 5.5% growth.
The economic slowdown has left some Chinese companies with a surplus of natural gas — and they have been able to export this to Europe, where countries face a severe energy crisis.
More than 4 million tonnes of Chinese LNG has probably been resold — or roughly 7% of Europe's imports in the first half of the year — according to Nikkei.
Local media reported that Sinopec, China's state-owned energy giant, has sold 45 cargoes of the gas on the international market.
China is reselling natural gas to energy-strapped Europe as its economic slowdown leaves it with a surplus, report says
Here's the kicker.....The surplus comes from Russia!
The Russians sell it to the chi-coms who don't need it so the chi-coms are selling it at three to four times the price to the EU.
So yeah EU keep virtue signaling with those sanctions, while your economy implodes and your citizens freeze in the dark.
China Is Aggressively Reselling Russian Gas To Europe | ZeroHedge
Boosted by cargoes from China, Europe's imports of liquefied natural gas jumped 60% year-on-year in the first half of 2002, according to a Nikkei report citing data from research firm Kpler.
China's economy has slowed sharply in 2022 as Beijing implemented a strict zero-COVID policy and as a crisis grips the country's highly indebted property sector. Economists think it is likely to fall well short of the government's aim of 5.5% growth.
The economic slowdown has left some Chinese companies with a surplus of natural gas — and they have been able to export this to Europe, where countries face a severe energy crisis.
More than 4 million tonnes of Chinese LNG has probably been resold — or roughly 7% of Europe's imports in the first half of the year — according to Nikkei.
Local media reported that Sinopec, China's state-owned energy giant, has sold 45 cargoes of the gas on the international market.
China is reselling natural gas to energy-strapped Europe as its economic slowdown leaves it with a surplus, report says
Here's the kicker.....The surplus comes from Russia!
The Russians sell it to the chi-coms who don't need it so the chi-coms are selling it at three to four times the price to the EU.
So yeah EU keep virtue signaling with those sanctions, while your economy implodes and your citizens freeze in the dark.
China Is Aggressively Reselling Russian Gas To Europe | ZeroHedge
