IEEFA2026从买方到中间商中国成为全球LNG转售商研究报告

September2026

InstituteforEnergyEconomicsandFinancialAnalysis

Frombuyertobroker:China'semergenceasaglobalLNGreseller

Theworld'slargestgrowthmarketforLNGoverthelastdecadeisevolvingintoacompetingsupplier

ChristopherDoleman,LNG/GasSpecialist,AsiaSamReynolds,ResearchLead,LNG/GasAsia

Frombuyertobroker:China’semergenceasaglobalLNGreseller2

Contents

Keyfindings 4

Executivesummary 5

Introduction 6

Section1:EvolutionofChina’sLNGprocurementstrategy 8

Section2:HandlingofLNGbyChinesecharterers 13

Section3:DestinationandsourceofChinesechartererresales 15

Section4:HowwillChina’ssurplusevolvenext? 22

China’suncertaindemandoutlook 23

Section5:EvidenceofChinaembracingLNGtrading 25

CNOOCandPetroChina’sgrowingroleinLNGshipping 25

Demandcultivation 31

Section6:ImplicationsforLNGsuppliers 32

Conclusion 34

AboutIEEFA 35

Abouttheauthors 35

Figuresandtables

Figure1:China’ssharecontributiontoLNGdemandgrowthhasdeclinedsince2021 6

Figure2:China’sLNGimportsversustheannualaverageJapan-KoreaMarker(JKM)price 8

Figure3:China’sLNGcontractsbysigningyear 9

Figure4:China’sgassupplybysource 10

Figure5:China’sLNGcontractsbystartyear 11

Figure6:ChineseLNGcontractsbyshippingtermsversusdemand,2014to2026 12

Figure7:DestinationofLNGhandledbyChinese-charteredvessels,2014to1H2026 13

Figure8:EstimationofChina’sLNGresalesin2025 14

Figure9:Chinese-charteredLNGdeliveriesin2025bycountry 15

Figure10:SourceofChinesechartererresales,2016to1H2026 16

Figure11:ChineseFOBcontractsbysourcecountry,2015to2025 17

Figure12:DestinationofChinesechartererresalessourcedfromtheUS,2016to1H2026 18

Figure13:EstimatedprofitfromUS-sourcedresalesbyChinesecharterers,2016to1H2026 19

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Figure14:DestinationofChinesechartererresalessourcedfromAustralia,2016to1H2026 20

Figure15:EstimatedprofitfromAustralia-sourcedresalesbyChinesecharterers,2016to1H202621

Figure16:China’scontractingsegmentedbyPersianGulfexposureandterm,2025to2032 22

Figure17:China’sLNGcontractsversushistoricalandprojecteddemand 23

Figure18:ProjectionsforChina’sLNGsurplus(ordeficit),early2030s 24

Figure19:DestinationofChinesechartererLNGdeliveriesin2025 25

Figure20:CNOOCandPetroChinaLNGchartereddeliveries,2021to1H2026 26

Figure21:PotentialevolutionofCNOOC’scontrolledLNGcharteringcapacity 28

Figure22:GlobalLNGexportcapacityadditions,2021to2031 32

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Keyfindings

Chinaismanagingamismatchbetweenplateauingliquefiednaturalgas(LNG)demandanditsrapidlygrowingLNGcontractportfoliobyresellingsurplus

cargoesabroad.IEEFAestimatesthatChinaresoldbetween17-19million

tonnes(Mt)ofLNGin2025alone,including8.4MtthatwerecarriedonvesselscharteredbyChinesecompanies.

IEEFAestimatesthatChinesecompaniesearnedUSD4.6billioninprofitfromresellingLNGsourcedfromtheUnitedStates(US)andAustraliabetween2021andJune2026.Thetopbuyersin2025includeSouthKorea,Japan,andthe

Netherlands.

ThetotalvolumeofChina'sLNGcontractsisexpectedtoriseto114Mtin2028,whiledownwardrevisionsofLNGgrowthinthewakeofthecurrentMiddle

EastconflictcouldseeChina'sLNGsurplusgrowtomorethan47Mtinthe

early2030s.Largestate-ownedbuyersarepivotingtoshippingandbunkeringtoabsorbthissurplus.

WithlowerLNGdemandexpectedinChina,challengesfacingdemandgrowthinemergingmarkets,andanunprecedentedbuildoutofLNGexportcapacitythisdecade,ChineseresalesofsurplusvolumescouldexacerbateglobalLNGoversupplyinthecomingyears.

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Executivesummary

Overthelastdecade,Chinahastransformedfromtheworld'slargestliquefiednaturalgas(LNG)buyerintoamajorglobalreseller.Plateauingdomesticdemand,aballooningportfoliooflong-termcontracts,andastructuralpivotbystate-ownedenterprisesintoLNGshippingandtradingare

positioningChinesecompaniesassignificantcompetitorstotraditionalsuppliersasthemarketentersaperiodofhistoricoversupply.

China'sLNGimportshavefallenfromapeakof79milliontonnes(Mt)in2021to66Mtin2025and

areexpectedtodeclinefurtherto63Mtin2026.Meanwhile,extensivecontractingbetween2021and2023,duringwhichChinesebuyerssignednearly60Mtofnewsupplyagreements,hasgeneratedagrowingsurplusofcontractedvolumes.Ship-trackingdatashowthatresalesbyChinese-charteredvesselsreached8.4Mtin2025.TheInstituteforEnergyEconomicsandFinancialAnalysis(IEEFA)

estimatesthattotalChineseLNGresalesthatyearwerelikelytobebetween17Mtand19Mt,withSouthKorea,Japan,andtheNetherlandsastheleadingdestinations.

Fuelingthistrendisasurgeinflexiblelong-termcontracts,particularlyfromAustraliaandtheUnitedStates(US).GrowingflexiblevolumesfromAustraliahaveenabledChinatooptimizeitsLNG

portfolioacrossthePacificregion,whileUSsupplyhaslargelybeenleveragedtocapitalizeonarbitrageopportunitiesintheAtlanticregion.IEEFAestimatesthatChinesebuyershaveprofitedUSD4.6billionfromAustralianandUSLNGresalessince2021.

China'ssurplusislikelytopersistandevengrow.WithLNGcontractsexpectedtoreach114Mtby

2028anddemandconstrainedbycheaperalternatives,thecountryislikelytoremainovercontractedinthemediumterm.SeveralindependentdemandprojectionsexpectanLNGsurplusranging

between11Mtand48Mtbytheearly2030s.

RecentexpansionintoLNGshippingandbunkeringbytwostate-ownedenterprises—theChina

NationalOffshoreOilCorporation(CNOOC)andPetroChinaCompanyLimited(PetroChina),

togetherresponsibleformostChinesechartererresalesin2025—suggeststhatbuyersarelookingtomarketsurplusvolumes.BothareinvestingheavilyinLNGcarrierfleets,expandingbunkering

operationsatmajorChineseports,andleveragingtheYangpubondedLNGterminalinHainanasatransshipmentandre-exporthub.

China'semergenceasaresellerofsurplusLNGexposesthefragileassumptionsunderlyingthe

currentwaveofLNGexportinvestment.Forsuppliers,portfoliotraders,andaspiringmerchantLNGplayers,thelargestLNGdemanddriverisbecomingacompetingsupplier.

Section1ofthisreportexaminestheevolutionofChina'sLNGprocurementstrategyoverthelastdecade.Section2usesindependentship-trackingdatatoidentifyLNGflowsfromvesselscharteredbyChinesecompaniesandChina'slong-termLNGcontractstoestimatethecountry'sLNGresales.Section3analyzesthisdataingreaterdetailtoidentifythecountriessupplyingLNGforresale,themarketstargetedbyresellers,andtheestimatedprofitsearnedbyChinesecharterersfromreselling

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AustralianandUSLNG.Section4examinestheuncertaintysurroundingChina'sLNGdemandandusesexternalprojectionstoplothowthegrowingLNGsurpluswillevolveintotheearly2030s.

Section5providescasestudiesfortwoofthecountry'slargestLNGbuyers—CNOOCand

PetroChina.Lastly,Section6discussestheimplicationsofChina'sgrowingroleasanLNGtraderforotherglobalsuppliersandmarketplayers.

Introduction

Overthelastdecade,Chinahasemergedasoneofthemostimportantplayersintheliquefied

naturalgas(LNG)market.Since2015,LNGimportstothecountryhavesurged237%(Figure2),contributingtooveraquarterofglobaldemandgrowth(Figure1)andmakingChinatheworld'slargestimporterinfourofthelastfiveyears.

Therapidexpansionofgasinfrastructureandcontractingactivityinthe2020shasreinforced

industryexpectationsofChina'sdemandtrajectory.Forexample,ShellprojectsthecountrytobethesinglelargestcontributortoLNGdemandgrowththrough2040¹,aviewsupportedbyrecent

governmentannouncementstargetinganincreaseinimportcapacityto200milliontonnesperannum(MTPA)²,upfrom173MTPAcurrently.³

Figure1:China'scontributiontoLNGdemandgrowthhasdeclinedsince2021

450

2015ChinagrowthOthergrowth2021ChinagrowthOthergrowth2025

61

374

-13

300

250

150

100

50

400

350

250

422

64

Source:Kpler,IEEFAanalysis.

1Shell.ShellLNGOutlook2024.Pages27-29.

2Anoverviewofthe15#Five-YearPlan(FYP)presentsoilandgasinfrastructuretargetsforChinaoutto2030.NDRC.关于印发《石油天然气发展“十五五”规划》的通知.17August2026.

3InternationalGroupofLiauefiedNaturalGasImporters(GIIGNL).2026AnnualReport.Mav2026.Paae53.

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However,China’sdemandforthefuelhasnotgrownconsistently.Between2015and2021,Chinacontributedalmosthalfoftheworld’sincrementalLNGdemandgrowth.Butsurgingpricesand

escalatingtensionswithLNGsuppliershaverevealedthatthecountry’sLNGdemandissubjecttocompetitionfromotherenergysources,includingdomesticgasproductionandpipelineimports.InChina,LNGmustcompetenotonlywiththeselower-costgassupplies,butalsowithcoaland

domesticallymanufacturedrenewables,onbothaffordabilityandenergysecurity

.4

Inthiscontext,twosignificantpriceshocks—ademandshockfollowingRussia’sinvasionofUkrainein2022andasupplyshockresultingfromtheMiddleEastconflictin2026—havecausedthe

country’sLNGdemandtoplateau.Importsdeclinedby13milliontonnes(Mt)fromtheir2021peakandaresettofallfurtherin2026.

Meanwhile,thecontractsthatChineseLNGbuyerssignedatthestartofthedecadehavebeguntoactivate.Despitelowerdemandin2025comparedto2021,flexiblecontracts—particularlywith

suppliersinAustraliaandtheUnitedStates(US)—haveenabledChineseofftakerstoprofitablyresellcontractedcargoestoothercountries.Withdemandplateauingandcontractcommitmentsgrowingintothelate2020s,ChineseLNGbuyersmayincreasinglyturntoresalestoabsorbtheirsurplusLNGcommitments.

Thisreportexaminesthepolicies,marketdevelopments,andgeopoliticalconditionsthathave

supportedChina’stransformationintoamajorLNGtrader,andthefutureimplicationsfortheglobalmarket.

4IEEFA.

UnderstandingthecompetitivelandscapeforChina’sLNGmarket.

10April2025.

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Section1:EvolutionofChina'sLNGprocurement

strategy

China'sapproachtoenergysecurityandLNGprocurementhasplayedavitalroleinsmoothingthepeaksandvalleysofavolatiledecadeinLNGmarkets.

Figure2:China'sLNGimportsversustheannualaverageJapan-KoreaMarker(JKM)price

40

90

80

30

70

60

USD/MMBtu

50

芝

40

30

10

20

10

20142015201620182019202020212022202320242025

■LNGimports(LHS)■JKMprices(RHS)

Source:Kpler,EnergyInstitute'sStatisticalReviewofWorldEnergy.

Afteraperiodofrapidsupplygrowthcausedpricestofallsharplyinthemid-2010s,Chinacapitalizedontheopportunitytointegratelow-costLNGintoitsgassupplyandhelpmeetitsairpollution

reductionobjectives.5Anaccelerationinspotpurchasesquadrupledimportsbetween2015and2021,absorbingexcesssupplyinglobalmarketsandmakingChinatheworld'slargestLNG

importer.

AsChina'simportspeakedin2021,spotpricesbeganasteeprecoveryfollowingtheircollapse

duringtheCOVID-19pandemic.Withthecountry'sdemandexceedingtotalcontractedvolumesby46%,Chinesebuyersbegansigninglong-termsupplyagreementstoreducetheirexposuretorisingspotprices(Figure3).6

ThiscontractingactivitycontinuedasRussia'sinvasionofUkraineresultedinrecord-highspotprices.Between2021and2023,Chinasignednearly60Mtofcontracts,morethanintheentire

5Diliaentia.China'sqasdemandtoriseto580-670bcmbv2030:Official.01November2018.

6CenteronGlobalEnergyPolicy(CGEP).ImplicationsofChina'sUnprecedentedLNG-ContractingActivity.October2022.Page5.

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precedingdecade.Duringaperiodwhennewbuyerswerereluctanttosignlong-termcontracts⁷,ChinesecommitmentsplayedanintegralroleinunderpinningfinancingforanewwaveofLNGexportprojects.

Figure3:China'sLNGcontractsbysigningyear

30

芝

Source:IEEFAanalysisbasedonICIS.Kpler,BNEF,mediareports.

Atthesametime,Chinesepolicymakersbeganre-emphasizingtheneedforself-relianceinenergy.8Thegovernmentimplementedmeasurestolimitgasimportsbybuildingstoragefacilities,managingdemand,anddevelopingdomesticresources,whichhelpedliftgasproductiontonearly262billioncubicmeters(bcm)in2025(Figure4).9Whileoverallgasdemandrosealmost17%,China'srelianceongasimportsfellfromapeakofnearly45%in2021to39.8%in2025,itslowestlevelsince2016.Supportedbyincreasingconnectivitywithothercountries,less-flexiblecontracts,andattractive

pricingcomparedtoLNGimports,pipelinegasimportsgrewby40%from2021to2025.

7Bloomberg.EuropeIsn'tReadyforLong-termCommitmentwithLNG.17November2022.

8FinancialTimes.FortressChina:XiJinpina'splanforeconomicindependence.14September2022.9CGEP.InsideChina's2023NaturalGasDevelopmentReport.11September2023.

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Figure4:China'sgassupplybysource

500

bcm

400

300

200

100

0

20182019202020212022202320242025

Domesticproduction

Source:China'sGeneralAdministrationofCustoms(GACC),NationalBureauofStatisticsofChina(NBS),Kpler,CGEP.SHGPXIEEFAcalculations.

Asdomesticproductionandpipelinegasimportsincreased,LNGflowstoChinadeclined.The

country'sLNGdemandfellfrom79Mtin2021to66Mtin2025,despitetheactivationof42Mtof

contractsduringthisperiod(Figure5).AsLNGpricessurged,relationshipswithkeyexportersalsoeroded.Mostnotably,anescalationintradetensionswiththeUSinearly2025haltedallLNGtradebetweenthetwocountriesforoverayear.

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Figure5:China'sLNGcontractsbystartyear

2010

2011

2012

2013

2014

2015

2016

2017

2018

019

2020

021

2022

2023

2024

2025

2026

2028

2029

2030

2031

2032

20

15

老

5

Source:IEEFAanalysisbasedonICIS.Kpler,BNEF,mediareports.

Figure6showsChina'sLNGimportscomparedtoitstotalcontractedvolumes.In2021,thecountryfaceda25Mtdeficitofcontractedvolumes.By2025,thisdeficithadevolvedintoa19Mtsurplus.BeforetheFebruary2026conflictinIran,China'stotalcontractedvolumeswereexpectedtoreach103Mt.However,theInstituteforEnergyEconomicsandFinancialAnalysis(IEEFA)expectsthe

country'sLNGdemandtofallto63Mtin2026—leavinga40Mtsurplus

WhilethecurrentMiddleEastconflicthasdelayedQatariexportprojectsandassociatedsalesandpurchasecontracts,IEEFAestimatesthatChina'scontractedsurpluscouldreachalmost32Mtin2026,excludingnewcontractsfromthePersianGulf.

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Figure6:ChineseLNGcontractsbyshippingtermsversusdemand,2014to2026

120

100

80

60

40

20

201420152016201720192020202120222023202420252026

专

Source:IEEFAanalysisbasedonICIS,Kpler,BNEF,mediareports.

Note:DES=Deliveredex-ship;FOB=Free-on-board.

Moreover,withalmost46Mtofcontractedvolumesscheduledtobegindeliverybetween2026and2032—43%ofwhichcomewithflexibledeliveryterms—itislikelythatChinawillhavea

considerablylargersurplusofcontractedLNGvolumesinthecomingyears.

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Section2:HandlingofLNGbyChinesecharterers

ChinadoesnotpublishanannualevaluationofaggregateLNGtransactionsorresalestoforeign

markets.Giventhislimitation,IEEFAhasusedindependentship-trackingdataforvesselscharteredbyChinesecompaniestoestimateresalevolumes.Figure7showsthetotalvolumeofLNG

charteredby15Chinesecompaniesbetween2014andthefirsthalfof2026(1H2026).

Figure7:DestinationofLNGhandledbyChinese-charteredvessels,2014to1H2026

25

20

15

老

10

5

0

2014201520162017201820192020202120222023202420251H2026

■Resalesabroad

Source:Kpler,IEEFAaggregations.

Buyer-charteredvesselsgenerallytransportLNGundervariousshippingarrangements,including(1)free-on-board(FOB)contracts,inwhichthebuyerisresponsibleforshippingLNGfromtheportofloading;(2)equityofftakefromexportfacilities;and(3)LNGreloadsfromChineseterminalsforre-export.Bycontrast,underdeliveredex-ship(DES)arrangements,thesellerretainsthetitle,risk,andresponsibilityforshippingLNGtothedestination.

TheaggregatevolumeofLNGhandledbyChinesecharterershassteadilyincreasedfromunder8Mtin2015toalmost25Mtin2025,closelyfollowingthecountry'sFOBcontractedvolumes.GiventhatChina'sLNGdemandhasstagnatedsince2021,anincreasingnumberofChinese-charteredvesselsaredirectedtothirdcountries.

AccordingtoKplerdata,charterersbeganresellingLNGtoforeignmarketsin2016.Resales

increasedsignificantlyin2022,reachingnearly8.4Mtin2025—athirdofChina'scharteredvolumesthatyear.Resalesaresettogrowfurtherin2026,accountingfor47%ofhandledLNGinthefirsthalfoftheyear.

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Importantly,focusingspecificallyonChinese-charteredvesselslikelydoesnotcapturethecountry'sfullresalevolumes,sinceLNGcanberesoldthroughseveralarrangementsthatdonotrequire

Chinesecompaniestocharterthevessels.10Ultimately,theabilitytoresellLNGdependsonthecommercialtitleandcontractterms,ratherthanonwhooperatesthevessel.

ThismaypartlyexplainthediscrepancybetweenChina'sovercontractedposition(Figure6)andLNGresalesbyChinese-charteredvessels.Asdiscussed,Chinahelda19Mtsurplusofcontractedvolumesin2025,whereasChinese-charteredresalestotaled8.4Mtthatyear.

Figure8:EstimationofChina'sLNGresalesin2025

20

15

10

5

0

19Mt

China'scontractsurplusin2025

ResalesbyChinesecharteredvessels

Resalesassuming50%deliveredbyChinesecharteredvessels

17-19Mt

Estimatedresalesrange

Source:IEEFAanalysisbasedonICIS,Kpler,BNEF,mediareports.

AssumingthatChinese-charteredvesselsaccountfor50%ofresalesyieldsanestimatedresale

volumeofalmost17Mt(Figure8).11However,thecontractingsurplusinFigure6suggeststhat

resalescouldbeashighas19Mtin2025.Thisrangerepresentsaconservativeestimate,asitdoesnotincludepotentialresalesfromChina'sequityofftakevolumesorspotpurchasesbybuyersthatarenottransportedonChinese-charteredvessels.

10Forexample,DEScontractsmaycontaindestinationflexibilityordiversionclauses,allowingpartiestoagreetoredirectcargoes

viavesselscharteredbytheseller.UnderFOBcontracts,Chinesebuyersarenotrequiredtochartervesselsdirectly.Theycanfufilltheirshippingobligationbyengagingtraderstoarrangetransportorbyreselingthecargoonwardtoathird-partybuyer,whothen

sioursIoEnilinaisfi.n'sLNGon-sellingactivityhasshownthatJapanesechartererswereresponsiblefor50-66%of

thecountry'stotalresalevolumes.IEEFA.HowJapancashesinonresalesofAustralianLNGattheexpenseofAustraliangasusers.

20May2025.

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Section3:DestinationandsourceofChinesechartererresales

ThissectionfocusesonChinese-charteredLNGresalestohighlighttrendsinthedestinationsandoriginsofthesecargoes.

Figure9:Chinese-charteredLNGdeliveriesin2025bycountry

SouthKorea

Japan

Netherlands

Taiwan

India

UnitedKingdom

Bangladesh

Singapore

Turkey

Germany

Thailand

Pakistan

others

1.8

1.6

1.4

1.2

1.0

艺

0.6

0.4

0.2

0.0

Source:Kpler,IEEFAanalysis.

In2025,Chinesecharterersdivertednearlythree-quartersofon-soldLNGcargoestowealthier

buyersinNortheastAsia(42%)andEurope(32%).15%werereroutedtoSouthAsiaand8.9%to

SoutheastAsia.Resalesreachedmorethantwodozencountries,withthelargestsharesdeliveredtoSouthKorea(19%),Japan(14%),andtheNetherlands(9.9%).Figure9illustratesthetop12

destinations.

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Figure10:SourceofChinesechartererresales,2016to1H2026

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

20251H2026

0.0

2016201720182019202220232024

■Oman■Qatar■US■Reload(China)

Source:Kpler,IEEFAanalysis.

TheUSandAustraliaarethelargestsuppliersofLNGforChinesecharterersoutsideChina(Figure10).In2025,Chinesechartererssourced52%oftheirdeliveriesfromthesecountries.SupplyfromOmanandMalaysiahasalsobecomesignificant,togetheraccountingfor25%ofdeliveries.

Charterersarealsoactivelyre-exportingLNGfromChineseterminals,whichcomprised6.1%ofthesedeliveries.

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Figure11:ChineseFOBcontractsbysourcecountry,2015to2025

30

20

芝

10

0

2018201920202021202220232024

Unspecified

201520162017

■PapuaNewGuinea

2025

Source:IEEFAanalysisbasedonICIS,Kpler,BNEF,mediareports.

ThegrowthinflexibleLNGsuppliesfromcountriessuchasAustraliaandtheUShasbeen

instrumentalinincreasingresaleactivity(Figure11).Almost11Mtofactive,flexiblecontractswith

Australiasince2016haveprovidedtheoptiontomeetdomesticdemandordivertcargoestovariousmarketsacrossthePacificregion.Similarly,theactivationofmorethan5MtofcontractswiththeUSsince2022hasenabledChinesetradingactivityintheAtlanticregion.

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Figure12:DestinationofChinesechartererresalessourcedfromtheUS,2016to1H2026

3.0

2.0

老

1.0

0.0

20162017201820202022202320242025

■Europe■MiddleEastandNorthAfrica■NorthAmerica■NortheastAsia■SouthAmerica■SouthAsia1

1H2026

Source:Kpler,IEEFAanalysis.

TheactivationoftheseUSFOBcontractscoincidedwithChina'spivottowardsgreaterenergy

independenceandtheenergycrisisthatbeganin2022.TherestructuringofEuropeangasflowstowardsLNGimportsfollowingRussia'sinvasionofUkraineopenedanarbitrageopportunityforChinesebuyers.InsteadofabsorbingLNGimportsfromtheUSatelevatedcosts,chartererscouldsecurehigherpricesinEuropewhileChinasourcedenergyfromcheaperdomesticalternatives.

ThedeteriorationintradebetweentheUSandChinahasacceleratedthistrend.FollowingtheUSimpositionoftariffsinearly2025,noUSLNGcargoesarrivedinChinabetweenMarch2025andJune2026.Asaresult,China'sresalesofUSLNGvolumesincreasedbyalmost63%in2025.

InJuly2026,aUScargoarrivedinYangpu,whereitisexpectedtobereloadedforexporttoother

markets.12InAugustandSeptember,severalmoreUSshipmentsarrivedattheDalianandNangangterminals,whichalsocontainbondedstoragecapacity.13,14Assuch,theseLNGvolumesmayalsobere-exportedratherthanconsumeddomestically.

12AcargoarivedatYangpuportinJuly2026.However,itisinbondedstorage,whereitwillreloadontoanothercarrierforresaletoothercountries.SeeSection5formoredetails.Kpler.FirstUSLNGcargoin17monthsreachesChina,re-exportexpected.16July2026.

13S&PGlobal.PipeChinaopens2025LNGterminalslotbiddingtoboostmarketaccess.06March2025.

14TEDA.BeiiinaGasTianiinNanaanaLNGBondedWarehouseOfficiallvOpens.18Julv2025.

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Figure13:EstimatedprofitfromUS-so