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Thursday, 18 October 2018 13:00

Exxon Mobil bets big on China

Exxon Mobil bets big on China

In the middle of a Sino-U.S. trade war, the world’s largest publicly traded oil and gas company is turning toward Beijing for business at a time when most of Corporate America is looking elsewhere to avoid the threat of tariffs, Caspian Energy News (www.caspianenergy.net) reports with reference to Reuters.

Exxon Mobil Corp is placing big bets on China’s soaring liquefied natural gas (LNG) demand. Next year, China will become the world’s largest importer of natural gas, and its LNG imports are forecast to rise 70 percent by 2020, from 38.1 million tonnes last year, estimates Beijing consultancy SIA Energy.

Exxon Mobil’s gas strategy is moving on two tracks: expanding output of the super-cooled gas in places such as Papua New Guinea and Mozambique, and creating demand for those supplies in China by opening Exxon’s first import and storage hub, according to an Exxon manager and people briefed on the company’s plans. That combination “will guarantee us a steady outlet for lots of our LNG for decades,” said the Exxon manager who was not authorized to discuss the project and spoke on condition of anonymity. One of the company’s top policy goals this year, the manager said, is building its Chinese client roster.

 “China’s natural gas demand is rising really fast, with imports soaring well over 10 percent annually at the moment because of the government gasification program and due to fast rising industrial demand, including in petrochemicals,” the Exxon manager said.

More details: https://www.reuters.com/article/us-exxon-mobil-lng-china/exxon-mobil-bets-big-on-china-lng-sidesteps-trade-war-idUSKCN1MS005

Person in charge of the newsline: Olga Nagiyeva 

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