China’s biggest liquefied gas importer suspends some contracts as virus spreads

– China National Offshore Oil Corp , the country’s biggest importer of liquefied natural gas , has suspended contracts with at least three suppliers amid the rapid spread of the coronavirus, two sources said on Thursday.

They said CNOOC, which operates nearly half the terminals in China that receive LNG, had declared force majeure, which allows companies to suspend their obligation to fulfill contracts after unexpected events such as strikes and natural disasters. China is the world’s second-largest importer of LNG, and its spot purchases of the super-chilled fuel and other energy products have almost ground to a halt as the coronavirus spreads rapidly throughout the country.

The sources with knowledge of CNOOC’s move declined to be named due to the sensitivity of the matter. China’s PetroChina and Sinopec also supply CNOOC during the colder months from mid-November to mid-March under a state-mandated “inter-connected” supply scheme, another industry official with knowledge of the matter said.

Baldev Bhinder, managing director of law firm Blackstone & Gold, said Chinese buyers may have difficulty establishing a link between the virus and their inability to fulfill contracts.

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