(Reuters Breakingviews) - China’s oil majors are filling up at the right time. P...
Workers are seen in silhouetted near a liquified natural gas storage tank at PetroChina's receiving terminal at Rudong port in Nantong, Jiangsu province, China September 4, 2018. Picture taken September 4, 2018. REUTERS/Stringer
PetroChina said on Thursday that it took a 24.9 billion yuan hit on its gas imports last year, 960 million yuan more than in 2017. China’s biggest oil major, which controls almost two-thirds of mid-stream gas infrastructure, has a mandate to ensure ample domestic supplies – even if that means selling at a loss into the price-regulated market at home.
Part of the motivation is no doubt to assuage President Donald Trump’s concerns about the bilateral trade deficit. A heftier reason is that China’s gas consumption is still surging – it increased by almost a fifth last year – and foreign supplies are the only recourse. Nicholas Browne at Wood Mackenzie reckons the country is on track to overtake the Japan as the world’s leading importer of LNG.
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