China National Offshore Oil Corporation (CNOOC) has agreed a five-year deal to buy LNG from Abu Dhabi National Oil Corp (ADNOC), the third supply contract the Middle Eastern energy exporter signed with Chinese buyers over the weekend, according to two Chinese trading sources and a state media report, reports Reuters.
Chinese privately controlled ENN Natural Gas (arranging a 15-year deal) and state energy trader Zhenhua Oil have also each signed a term contract to secure the super-chilled gas from ADNOC, Reuters has reported.
The latest deal with ADNOC is to begin in 2026, delivering 500,000 tonnes of LNG annually.
A tariff war with the United States has pushed Chinese buyers to resell US-sourced cargoes and secure new supply deals as tit-for-tat tariffs drive up import costs. China imported no US LNG during March, data from Kpler and LSEG show. The US accounted for about 5% of China’s LNG last year, according to Chinese customs data.
