The Iranian National Gas Company intends to raise the country’s share in the global gas trade, focusing at the international markets, according to Iranian media.
The Iranian liquefied natural gas (LNG) exports reportedly rose to around 500,000 metric tons in April. According to reports, this month’s shipments were 14 percent up from last month’s figure bringing this year’s total shipments to 1.86 million metric tons.
China’s Oriental Energy Company (OE), loaded 34,000 tons of propane and 14,000 tons of butane supplied by Iranian Gas Commercial Co., aboard an LNG tanker at Iran’s Gulf port of Assaluyeh, which is scheduled to arrive at China’s Qinzhou on April 25. Another ship will bring 33,000 tons of propane and 11,000 tons of butane to Ningbo on May 12.
The shipments of Iranian natural gas come as OE was recently ordered by a Texas state district court to pay $523.8 million in damages to Germany’s Mabanaft following an LPG contract dispute. The court decreed that OE had breached its contract by failing to provide a letter of credit ahead of its first scheduled shipment of propane from the US Gulf.
Beijing also plans to increase in import duties on US propane in response. If this measure is accomplished, it will add a new twist to the US-China trade war. This could shift China’s import focus to the Middle East, including Iran.
Currently, Iran is pressing ahead with its natural gas shipments to Indonesia, India, Thailand and possibly Kenya.
What’s going on with Petro-Yuan?
I think the first futures contracts will mature in the next few days, could be interesting.
It is launched since few weeks.
Yes and that’s why the US make tariffs war with China. So as to make the Yuan contract and yuan currency risky investments to your regular traders.
nothing. china dies not need, does nt want.
Any kind of financial deal with the US is becoming very risky. I know it’s a big market, but sooner or later, the risk of dealing with the US, and US dollars will eclipse the potential profits.
Any deal with the US is risky, because any deal signed by one president can be torn up by another. They’re literally not worth the ink they’re printed on.
As for why people keep doing it, and continue to use the dollar, because it was always done, and because of denial? Just look at the banking crisis. There’s no way in Hell that none of the people involved did not understand the risks of what they were doing. That shit had to hit the fan at some point. And yet they all kept on doing it, because they refused to acknowledged the risks and instead hoped the party would never end.
Also it is risky dealing and trading in the US due to all the shyster lawyers there.
Added to that the shyster US Government is always waiting to issue writs and fines wherever it can.
Butane and Propane are not LNG, but LPG, they are quite different, LNG is mostly methane.
The facts are that Iran is definitely the next target since they have switched over their trading in petrol products from the US dollar to the Euro…. That movement may doom the “petro-dollar” which the US cannot tolerate and could cause the collapse of the US economy…. The only method the US knows to fix the problem is to invade or destroy and force “belligerent” nations back on the cruddy US dollar!
“Beijing also plans to increase in import duties on US propane in response” buying lng, butane and propane from Iran? ohhhh this wasn’t supposed to happen.
but that’s ok. the tent city citizens will be able to afford propane heaters and cookers with the lower price of gas.