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CNOOC declares force majeure on some LNG deliveries

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LNG Industry,

According to Reuters, China National Offshore Oil Corp. (CNOOC) has declared force majeure on several prompt LNG deliveries from at least three different suppliers.

Reuters reports that this action has been taken due to the economic impact caused by the coronavirus outbreak. This is the first known case of a Chinese company doing so.

One trader told Reuters: “China was the place we sent cargoes to if demand was weak elsewhere in Asia, but now people are trying to find alternative locations.”

According to Reuters, two sources claim that the force majeure notice covers LNG purchases by CNOOC during February and March.

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