(MENAFN) The Wall Street Journal revealed this week that China is reselling United States liquefied natural gas (LNG) to energy-strapped European governments for enormous profits due to decreased local demand. Moreover, China used to be the biggest LNG importer, but it is now a significant LNG exporter. China has started reselling excess LNG into the international market as domestic energy demand has decreased recently, with Europe, Japan, and South Korea among the top customers. Chinese energy businesses are profiting "hundreds of millions of dollars per cargo" by exporting United States LNG to Europe under long-term contracts that allow for low-cost purchases. China has purchased over 30 percent more gas from Russia this year than it did last.

Source: Wall Street Journal October 09, 2022 09:18 UTC