LNG purchase cut on high prices, slowdown

Losses ahead: Oil tankers are seen at an oil depot in Nantong. Imports of LNG by China in the first quarter fell 14% from the same period last year. — Reuters

HONG KONG: China is slashing liquefied natural gas (LNG) purchases as soaring global prices deepen import losses and pandemic lockdowns throttle domestic demand.

Imports in the first quarter fell 14% from the same period last year, according to shipping data and private companies are spurning offers to use once-highly coveted slots at state-owned receiving terminals.