On Breakingviews – China’s majors fill up on gas at the right time, says cbeddor:
A gas station attendant pumps fuel into a customer's car at PetroChina's petrol station in Nantong, Jiangsu province, China March 28, 2018. Picture taken March 28, 2018. REUTERS/Stringer ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. CHINA OUT.
PetroChina said on Thursday that it took a 24.9 billion yuan hit on its gas imports last year, 960 million yuan more than in 2017. China’s biggest oil major, which controls almost two-thirds of mid-stream gas infrastructure, has a mandate to ensure ample domestic supplies – even if that means selling at a loss into the price-regulated market at home.
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China’s majors fill up on gas at the right timePetroChina’s losses on gas imports swelled to nearly $4 bln in 2018, thanks to low domestic rates. Yet China’s oil giants are preparing to buy more LNG from U.S. firms. That aids the trade cause. More importantly, it may help lock in supply before a forecast shortfall.
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