China urged the country’s liquefied natural gas importer to provide more supplies to solve China’s energy crisis, while the government offered a small subsidy to the company that pays record prices for gas.
And Bloomberg News Agency quoted traders in the Chinese gas market today, Wednesday, as saying that the government did not provide sufficient financial support for the recent purchases of gas, which made it difficult for small natural gas distribution companies in China to implement the government’s request to provide sufficient quantities of fuel before the onset of winter. While some Chinese companies have stopped buying liquefied natural gas for the time being due to its high prices to record levels, they may eventually have to bow to the government’s wishes and buy large quantities of it.
The prices of spot contracts for liquefied natural gas in North Asia reached record levels this week with the increasing competition between buyers from China and Britain to buy the quantities offered for sale with the advent of the winter season, which is witnessing a significant increase in energy consumption.
The world is currently facing a stifling energy crisis in light of the recovery of economic activities after the pandemic of the emerging Corona virus, while the supply of crude oil and natural gas in the markets did not witness the appropriate increase for various reasons.
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