Money
China targets Aussie LNG cargoes as trade tensions escalate
China tells gas importers to stop buying supplies from Australia’s LNG as relations between the nations continue to crumble
It’s believed Beijing gave the two companies verbal orders to cut ties with Australia’s LNG.
In a relief for Australian suppliers, all of the larger state-owned importers are pushing ahead with purchases and haven’t received instructions to stop.
Over the past several months, China has instated numerous tariffs on a range of imports from Australia. This was initially sparked by Canberra’s probe into the origins of Covid-19.
China imports 40 percent of its gas supplies from Australia – with Australia last year shipping 13 billion dollars worth of LNG to the country.
Rising tensions between China and the West
This blow to LNG comes as tensions continue to build between Australia and China.
Recently, NASA took aim at China over an “irresponsible” rocket launch which landed in the Indian Ocean.
NASA says China failed to “meet responsible standards” during their rocket launch, and “nations must minimise risks to people and property on Earth” when it comes to the re-entry of space objects.