Sinopec Unit to File for Arbitration Against U.S. LNG Supplier, Source Says

A subsidiary of China Petroleum & Chemical Corp. (600028.SH), the state-owned energy giant known as Sinopec, is planning to file for arbitration against a major U.S. liquefied natural gas (LNG) supplier for breach of contract in bad faith, a person with ties to the company told Caixin, joining a growing list of buyers to do so.

China International United Petroleum & Chemicals Co. Ltd., a wholly owned Sinopec subsidiary known as Unipec, signed an agreement with U.S.-based Venture Global LNG Inc. in November 2021 to buy 3.8 million tons of LNG, according to an announcement by Sinopec at the time.