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China to Invest $7b in Floating LNG
China to Invest $7b in Floating LNG

China to Invest $7b in Floating LNG

China to Invest $7b in Floating LNG

In a strategic push to become the world’s lowest-cost seller of floating LNG (FLNG) plants, China is planning on a $7 billion investment spree in this type of projects offshore Africa, Oil Price reported, citing bankers, industry sources, and energy consultants. Despite the fact that spot LNG prices have dropped by 70% since 2014 and are under pressure from new capacity from the US and Australia, China is one of investors that sees the current LNG glut ending at the beginning of the next decade. Chinese banks are banking on energy markets’ recovery next decade, and unlike western banks—that are currently reluctant to extend hefty funds to floating LNG projects—China has extended or committed to extend nearly $4 billion to three FLNG projects in Africa. In addition, the Chinese reportedly plan to both finance and build production platforms for two more FLNG plants off Africa’s shores, worth a total of $3 billion. China is also involved in the conventional Yamal LNG project in Russia’s Arctic, in which China’s CNPC hold a 20% stake.

 

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