How to make sense of Cheniere's $18 billion LNG deal with China:
This potential contract is a huge win for Cheniere and the company’s future business operations with China. Cheniere views The People’s Republic as an important long-term export market for LNG, and rightly so. In a recent, Cheniere CEO Jack Fusco reiterated that “China, as we've talked about, has been a real focal point for the company. We are dedicated to that market.” This commitment – given the current trade war – sends a positive message to other U.S.
Other U.S. gas suppliers have not been so lucky vis-à-vis China. LNG players like Tellurian and Sempra, unable to land massive long term contracts of their own, are still reeling from the 10% tariffsDuring the second half of last year, six cargoes filled with U.S. LNG were sent to China – a 25% decrease compared to the same period in 2017. Additionally, many LNG facilities waiting for approval by U.S.
The conclusion of the U.S.-China trade war is anything but certain. Complications still exist in determining appropriate enforcement measures within the deal that both sides can agree to. Exact dates for the summit have not yet been set. And Chinese officials areof a face-to-face between the two leaders given Trump’s propensity to walk away from a deal he doesn’t like, as he demonstrated in Hanoi scuttling the summit with North Korea’s dictator Kim Jong Un.
Still, the Cheniere-Sinopec deal is a reason for optimism in this otherwise tumultuous time for U.S. – China relations. If the end of the trade war is in sight, it may be energy that finally brings us there.I am a Senior Fellow at the Atlantic Council and the Founding Principal of International Market Analysis, a Washington, D.C.-based global risk advisory boutique. I advis...
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