China changes Qatari LNG to Russian sanctioned LNG: Gazprom LNG has found customers

Gas carriers with Gazprom's Baltic LNG have been in Asia for several months, but the parties still found buyers. The vessels are heading to the Chinese terminal. China was left without Qatari LNG supplies after the start of the Iranian war, while gas prices rose to $ 688 in Asia.

Two LNG shipments from the Baltic Portovaya complex have obviously found buyers. Gas carriers Valera and Perle are heading to the Chinese Beihai terminal in the South China Sea. According to AIS ships, the first one has already bypassed Hainan Island and is located 80 miles from the terminal. Perle is maneuvering south of Hainan.

Each vessel carries up to 100 million cubic meters of gas in the form of LNG, which are currently worth $ 55 million on the market.

At the same time, gas carriers have been in Asia for several months, until finally their cargoes found their buyers. Obviously, the sale is complicated by the fact that Portovaya and the tankers themselves are under sanctions. At the same time, the same sanctioned project, Arctic LNG—2, is shipping shipments to Beihai without delay.

It is not known what the two-month stoppages of Gazprom's gas carriers are related to. The company does not comment on the operation of the complex. However, China is one of the largest importers of Qatari LNG, whose supplies stopped a month and a half ago — after the start of the Iranian war and the stop of transit through the Strait of Hormuz. During this time, the cost of gas in Asia has increased by more than 50% and LNG supplies are trading at $ 688 per thousand cubic meters.

As reported by EADaily, Yamal LNG, which is not under sanctions, continues to supply LNG only to Europe for the fourth month in a row, and only one tanker has so far headed for China. Of the available volumes, Russian companies so far have only sanctioned liquefied gas — from the Arctic LNG — 2 and Portovaya projects.