Translated by: MOS Buddhism Team – Accelerator

Recently, it was reported that CCP’s energy crisis is far from over, although its coal futures have declined approximately 35%. Relevant data indicated that CCP’s spot coal remains extremely expensive, given that the inundation in several coal-mining provinces contributes to the reduction of domestic supplies; while the deterioration of China-Australia relations leads to shortage of coal imports. After this winter, demands from coal-powered heating will exacerbate CCP’s energy deficit.

Moreover, hydroelectricity is difficult to sustain this year due to the low rainfall in some parts of Communist China. It’s the same reason why some factories have experienced rationing of electricity, it also caused the domestic liquefied natural gas (LNG) prices rise substantially.

In order to address the imminent energy issue, CCP signed a 20-year agreement with an LNG company in Louisiana, U.S. (U.S. Venture Global LNG), that guarantees 4 million tons of liquified natural gas exported to Communist China.

In this regard, pertinent comments pointed out that the deteriorating domestic and international circumstances might be the reason why CCP signed such a hefty gas contract this time. Especailly after cutting off nearly all the imports of American Fossil energy products during the 2019 Sino-US trade war.

Sources: Sinopec signs China’s largest long-term LNG contract with U.S. firm

China Binges on U.S. Gas to Manage Energy Shortage, Carbon Footprint

Column: China’s physical coal prices tell different story to futures: Russell 

Original Post: https://gnews.org/post/p1641632/

Proofread by: Amy Q
Edited by: Amy Q
Posted by: Amy Q

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