China resumes LPG imports after 20-month break

Wed 25 Mar 2020 16:07 GMT | 20:07 Local Time

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China has begun buying US liquefied petroleum gas (LPG) again after a hiatus of nearly 20 months as part of the Sino-US Phase 1 trade deal.

Report informs, citing Reuters, that importers have rushed to apply for waivers for the 25% tariff to buy the fuel, a by-product from US shale gas production after Beijing started granting exemptions this month for nearly 700 US goods.

About a dozen firms - including China Gas Holdings (0384.HK), a piped gas distributor, LPG trader, and Oriental Energy (002221.SZ), a manufacturer using LPG to make petrochemicals - have been granted tariff waivers, according to two veteran LPG traders, an investment officer and analysts at IHS Markit.

Rystad Energy analytical agency earlier said it does not expect considerable growth in LPG exports to China, despite the deal which envisages an increase in China's purchase of US energy sources worth over $50 bn in 2020-2021.

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