China Gas Holdings and Venture Global announced on Monday the conclusion of an agreement under which the Chinese company will purchase 0.5 million metric tons of American liquefied natural gas from Venture Global, which is based in the United States, over a period of twenty years starting in 2030.
The deal comes ahead of the expected visit of Chinese President Xi Jinping to Washington this month. China stopped importing American liquefied natural gas in March 2025, after the customs duties imposed by Beijing on American energy products took effect in mid-February.
Liu Minghui, Chairman of the Board of Directors of China Gas, said during a conference held in Bangkok, referring to the agreement concluded with Venture Global: “This agreement further strengthens our portfolio and reinforces our commitment to creating an international platform for energy trade.”
Venture Global said in a statement that the sale and purchase deal raises the company's long-term supply obligations to China Gas to 2.5 million tons annually.
China was a major buyer of American liquefied natural gas, importing shipments worth $6.2 billion in 2021, but after the tariffs imposed by Beijing led to higher costs, Chinese importers began diverting shipments from the United States to buyers elsewhere.
At the same time, demand for this fuel has declined in the world's largest LNG importing country. China is prioritizing pipelined gas and renewable energy, which has led to a shrinking share of LNG in its energy mix.
China maintained tariffs on US energy products, including a 15 percent tax on liquefied natural gas, although it suspended an additional 24 percent tariffs on US goods for one year.
Total LNG imports fell to a three-year low of 68.43 million tons in 2025.
Iraq announced, on Monday, that Prime Minister Ali Faleh al-Zaidi discussed with Total Energies President Patrick Bouiné, in Paris, the company’s projects that it is implementing in Iraq, especially in the field of gas.
During the meeting, Al-Zaidi pointed out the government’s plans to expand investment in associated gas to achieve self-sufficiency, as well as expansion plans to increase oil production during the next five years, enabling Iraq to reach a production level of 10 million barrels per day.
A press statement issued by the Iraqi Prime Minister explained that Al-Zaidi stressed “the start of expanding the scope of oil exploration in Iraq, in a way that enhances the growth of the national economy and supports development plans,” noting that preparations are underway to hold an international energy conference in Baghdad.
For his part, Bouiné confirmed the company's readiness to cooperate with Iraq in the fields of oil and energy, noting that the company has important oil investments in Iraq amounting to $12 billion, with plans to increase them to reach $16 billion in the future.
Policymakers in Asia are moving toward a more pragmatic energy mix, Tengku Mohd Tawfiq Tengku Aziz, CEO of Malaysian state energy company Petronas, said on Monday.
“They have not imposed an idealistic or ideological fuel policy that forces people to respond in unrealistic ways,” he told an energy forum in Bangkok.
He added that there will be a structural problem with demand if prices continue to rise for too long.
The Iran war led to the closure of the Strait of Hormuz, which caused oil prices to rise to record levels earlier, while it is currently trading above $100 per barrel, and is likely to continue rising as the pace of the war escalates.
