August 9, 2018 / 2:43 PM / 8 months ago

Cheniere CEO sees no economic impact from Chinese tariffs on U.S. LNG

Aug 9 (Reuters) - Cheniere Energy Inc’s chief executive said on Thursday he does not expect proposed Chinese tariffs on U.S. LNG to have an economic impact on the U.S. liquefied natural gas (LNG) company’s existing contracts.

“We don’t foresee an economic impact to Cheniere as it relates to our existing long-term contracts with PetroChina,” Cheniere CEO Jack Fusco told analysts in a call following the release of the company’s second quarter earnings.

China recently added U.S. LNG to the list of prospective products which are being considered for a 25 percent import tariff.

“We are awaiting details of the proposed tariffs and are hopeful that the U.S. and China can resolve the trade dispute without these tariffs being implemented,” Fusco said, noting U.S. LNG is an “important variable to help resolve trade issues” with China.

“Our business is a very long-term one, and it is well understood that China needs more LNG over the long-term,” Fusco said. “We expect to sell meaningful amounts of LNG into China over the long term.”

Reporting by Scott DiSavino Editing by Susan Thomas

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