China has entered its first long-term contract to import U.S. liquefied natural gas, following a push by the Trump administration to open the rapidly growing market to U.S. suppliers.
CheniereEnergy Inc., LNG +1.57% which has already exported LNG to China, said Friday that it had signed two purchase agreements with China National Petroleum Corp. to export LNG from the U.S. Gulf Coast to China.
Under the deal, China National Petroleum will receive 1.2 million tons of LNG a year through 2043. A portion of that supply will ship this year and the rest will begin in 2023. [read more]