US and China agree closer cooperation on LNG trade

US and China agree closer cooperation on LNG trade

US and China agree closer cooperation on LNG trade

Donald Trump and Xi Jinping have agreed that China will increase the imports of USA natural gas along with other products such as agricultural goods.

The U.S. Commerce Department announced yesterday a 100-day action plan between the U.S. and China that allows Chinese companies to negotiate long-term contracts to source LNG from U.S. suppliers.

The agreement on LNG is one of 10 initial actions, released by the White House Wednesday under the framework of the US-China Comprehensive Economic Dialogue, aimed at promoting economic engagement and cooperation between the two world powers in a range of issues including energy, agriculture, investment and finance.

Commenting on the announcement, Massimo Di-Odoardo, head of global gas and LNG research at global natural resources consultancy Wood Mackenzie, said: "The wider agreement represents a win for both sides".

China is a natural destination for U.S. LNG. "This ensures U.S. LNG entering the Chinese market will be politically palatable".

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He added: "The agreement connects the United States, the fastest growing LNG supplier, with China, the largest LNG growth market". Cheniere's shares are up more than 40% over the past year. "This is equivalent to $26 billion a year at today's prices ($7/MMbtu), and the U.S.is keen for a slice of the pie". The document is the first product to come out of an agreement in April to increase US exports to China, which has a large trade surplus with the U.S. Last year, China imported 26 mta.

"In the longer term, the deal paves the way for a second wave of investment in U.S. LNG". For the USA, the agreement will support the transformation into a net gas exporter, which, according to the EIA, should happen as soon as next year.

It imported its first LNG from the US in late August 2016, when state-owned CNOOC received a cargo from the Sabine Pass export facility in the US Gulf of Mexico aboard the LNG carrier Maran Gas Apollonia, cFlow, S&P Global Platts trade flow software, showed.

According to the Department of Energy, it has received export applications totaling 54.26 billion cubic feet per day to nations with free trade agreements (FTAs) with the United States and applications to export 50.67 billion cubic feet per day to countries without free trade agreements.

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