China’s economic slowdown has left it with a surplus of natural gas that it is re-selling to energy-strapped Europe, according to a report.
Boosted by cargoes from China, Europe’s imports of liquefied natural gas jumped 60% year-on-year in the first half of 2002, according to a Nikkei report citing data from research firm Kpler.
China’s economy has slowed sharply in 2022 as Beijing implemented a strict zero-COVID policy and as a crisis grips the country’s highly indebted property sector. Economists think it is likely to fall well short of the government’s aim of 5.5% growth.
The economic slowdown has left some Chinese companies with a surplus of natural gas — and they have been able to export this to Europe, where countries face a severe energy crisis.