Hong Kong-, NY- and Mainland Shanghai-listed Chinese oil and gas company, Sinopec, headquartered in Beijing, which was expected to be the largest Chinese buyer of US natgas following its planned $16 billion potential supply deal with a Texas-based Liquified Natural Gas company, Cheniere, had been mulling an option to turn the trading tables amid a multi-year low natgas price which had been mercilessly dropping over the course of past one year and a half in context of a lower demand across the globe, industry officials familiar with the situation had unveiled on Friday, the 17th of January 2020, on condition of anonymity as the executives close to China’s Sinopec was not authorized to speak over the subject-matter in public.
More importantly, following reveal of Friday’s (January 17th) media report that the Chinese oil and gas giant, Sinopec might turn its tail from a whopping $16 billion natgas deal with the Texas-based natgas company, several analysts were quoted saying that a sidestepping of China’s Sinopec from its slated deal with United States’ Cheniere would in effect jeopardize an ambitious ‘US goods and service purchase’ target of Beijing what it had agreed on as part of its latest “Phase One” trade agreement with the United States.
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