- GPRIMG signed its first long-term LNG agreement with ConocoPhillips, advancing its strategy to expand internationally and strengthen energy security despite U.S.-China trade tensions.
- ConocoPhillips secured a new long-term off-taker in GPRIMG, boosting its LNG portfolio and increasing revenue predictability in a competitive global market.
China’s Guangdong Pearl River Investment Management Group (GPRIMG) made a major move on Tuesday, May 20, by signing its first long-term LNG purchase agreement with U.S. energy giant ConocoPhillips.
The company announced the deal at the 29th World Gas Conference in Beijing and shared the news on its official WeChat account. This marks a pivotal step in GPRIMG’s strategy to expand its global energy presence.
This deal stands out in light of recent geopolitical and trade tensions. It likely represents the first long-term LNG agreement between the U.S. and China since Beijing imposed tariffs on American LNG imports in February 2025. Since the tariffs took effect, China has halted all U.S. LNG cargo deliveries, according to S&P Global Commodities at Sea. Many shipments initially intended for China were either diverted or sold on the spot market, highlighting disruptions in direct trade.
Although GPRIMG and ConocoPhillips have not released financial terms, industry insiders believe the 15-year agreement is indexed to Henry Hub prices. This pricing structure suggests the LNG cargoes will originate from the United States, with deliveries scheduled to begin in 2028. If confirmed, the deal could signal renewed interest on both sides to engage in long-term energy trade, even as tariffs remain.
GPRIMG considers the agreement a milestone in developing its natural gas portfolio and a key step toward greater global integration. The company describes the deal as a strategic response to the shifting dynamics of the global gas market, especially rising supply uncertainty and price volatility. By securing long-term supply, GPRIMG aims to enhance its energy security and better navigate today’s complex energy landscape.
Despite a 2025 slowdown marked by a 22% year-over-year drop in China’s seaborne LNG imports through April, China remains a dominant force in the global gas market. Over the past decade, it has accounted for more than a third of global gas demand growth. By 2021, China had already become the world’s largest LNG importer.
For ConocoPhillips, the agreement adds a new and reliable customer to its LNG portfolio, potentially boosting long-term revenue in a competitive global market.