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Toshiba deal positions ENN to challenge China’s NOCs

The addition of low-cost US volumes to ENN’s LNG portfolio from next year will put it in a position to seriously challenge the LNG import monopoly of China’s state-owned giants The addition of low-cost US volumes to ENN’s LNG portfolio from next year will put it in a position to seriously challenge the LNG import monopoly of China’s state-owned giants.
By Tang Tian 26 November 2018 0 33437
The Freeport LNG project. (Freeport LNG Development)

ENN Group’s acquisition of Toshiba’s LNG business in the United States will help the private Chinese company challenge the long-standing monopoly of China’s three NOCs over the import and supply of LNG in the world’s fastest-growing gas market.

The deal, which was announced earlier this month, also represents a vote of confidence in US supplies of LNG to China, which Beijing had threatened by imposing a 10% tax on in September. As part of the $15 million deal, ENN agreed...