Scenario and market analysis from Lumen by FGE NexantECA™
Emerging buyers are reshaping China’s LNG contracting landscape.
2025 to 2026 witnessed a shift in China’s LNG procurement landscape, led by fast-growing emerging buyers while the Big Three NOCs took a back seat on new long-term deal signings. These emerging players have reshaped some core dimensions of LNG term contracts: pricing indexation, delivery terms, cargo flexibility rights and contract duration. All amid significant volatility triggered by Strait of Hormuz (SoH) supply risks and revised global supply-demand outlooks.
MT/LT firm contract volume purchased by emerging LNG players, mtpa
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Source: Lumen by FGE NexantECA™ as of July 2026
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