Qatar's oil minister said Tuesday that the Gulf sheikdom was diverting liquefied natural gas, or LNG, shipments to China from the U.S. as demand softens in North America.
Abdullah bin Hamed Al Attiyah told reporters that the gas-rich state, which plans to produce 77 million tons a year of LNG by September 2010, is in talks with China about long-term supply of the fuel.
China is increasingly competing for access to world energy to power an economy that's growing at a time when the U.S. continues to be weighed down by the global financial crisis hitting energy demand in North America.
Hi. Well, that doesn't sound very optimistic. The unemloyment rate is getting higher in the US, the people don't have enough money to pay for their loans while the whole country is in great debt. And now, China is entering the world fuel market! However, America can't blame anybody else than itself as the financial crisis was caused by the America's living in debt tendency.
ReplyDeleteTake care,
Julie