An LNG ship docked at a port in Chiba, Japan. China’s resales of LNG have added supply to the spot market
Zero Hedge: China Is Aggressively Reselling Russian Gas To Europe
One month ago, we were surprised to read how, despite a suppressed appetite for energy amid its housing crash and economic downturn (for which "zero covid" has emerged as a convenient scapegoat for emperor Xi), China has been soaking up more Russian natural gas so far this year, while imports from most other sources declined.
In July, the SCMP reported that according to Chinese customs data, in the first six months of the year, China bought a total of 2.35 million tonnes of liquefied natural gas (LNG) – valued at US$2.16 billion. The import volume increased by 28.7% year on year, with the value surging by 182%. It meant Russia has surpassed Indonesia and the United States to become China’s fourth-largest supplier of LNG so far this year!
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Update: China is reselling natural gas to energy-strapped Europe as its economic slowdown leaves it with a surplus, report says (Insider)
WNU Editor: Chinese middlemen must be making a fortune on the backs of Europe right now.
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