China's CNOOC signs LNG supply deal with UAE's Adnoc

China National Offshore Oil Corporation (CNOOC) has secured a term contract to purchase liquefied natural gas (LNG) from Abu Dhabi National Oil Corp.

According to Reuters sources, this is the third energy supply deal the Middle Eastern exporter has signed with Chinese companies over the weekend. 

CNOOC signed a five-year contract with the UAE-based company to supply 500,000 tons of LNG per year starting in 2026. This was reported to the news agency by an industry source familiar with the deal.

According to Reuters, the tariff standoff with the United States is raising the cost of importing raw materials for Chinese buyers, forcing them to resell US cargoes and sign new gas supply deals. China stopped importing American LNG in March, Kpler and LSEG data show. Chinese customs statistics indicate that the United States accounted for about 5% of the country's LNG imports last year.