China aims to acquire a stake in Qatari LNG. Negotiations on investments in the shares of North Field East, the world’s largest project for the production of liquefied natural gas (LNG) and the purchase of fuel under long-term contracts, are already underway.

As the publication notes, the Qatari agreement will help China create a buffer against spot price volatility and diversify its imports, as well as relations with two main suppliers – the United States and Australia, which are at a low level, as well as russia, which is in the midst of a war and faces wide-ranging sanctions.

By the way, such a partnership will be the first in the history of the two countries. Beijing sees gas as a strategic fuel to replace coal on its way to carbon neutrality by 2060.

Note that Qatar was the largest LNG supplier to China after Australia in the first five months of 2022.

The biggest demand from China is russian ESPO oil due to the short delivery distance and because most other buyers avoid buying black gold from russia because of the war in Ukraine.