Hoarding is exactly what the government is doing right now by filling the SPR, and frankly it's the best thing that could happen. It drives prices up. High prices encourage demand destruction. They also finance new well development. The hoarded oil gives us a buffer to fall back on once shortages become more prevalent. High prices are what we need in order to adapt to what's coming, and the sooner they happen, the better.
PetroChina has signed purchasing contracts with Royal Dutch Shell and Qatargas for the long term supply of LNG from Qatar. The Qatargas LNG project is a partnership between Shell and Qatar Petroleum.
PetroChina has agreed to buy 3 million tonnes per annum.
China has also become a contracted buyer of LNG from Shell Australia. Australia's Northwest Shelf Venture is currently under development.
China is also a major buyer of GTL and LNG from the Malaysian operation and a major spot market buyer of LNG from the Nigerian Bonga project.
The Qatargas project also has contracted buyers in the United States.
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