China’s oil giants seek to secure energy costs

摘要

Chinese state-run oil firms’ recent LNG investments reflect an urgency to foster greater energy security by stabilising supply and costs. State-run PetroChina and Sinopec reported stronger-than-expected results for January-March, helped by lower gas costs. These benefited from reduced international competition for LNG as a result of a mild winter in Europe as well as lower Chinese demand owing to Covid-19 lockdowns, and came despite higher domestic demand forcing central Asian suppliers to suspend pipeline exports to China.