CHINA-ECONOMY: MAJOR CHINESE COMPANIES RENEGE ON IMPORT COMMITMENTS CITING FORCE MAJEUR
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Bloomberg financial services reported (March 6) that in a rare and major step, China National Offshore Oil Corp., China's biggest LNG buyer, invoked force majeure and told some suppliers it won’t take delivery of cargoes because of constraints caused by the coronavirus. French oil and gas giant Total SA have rejected the declaration. Hours later, the Chinese copper smelter Guangxi Nanguo also declared it would refuse to take delivery of raw materials. China’s biggest oil refiner, Sinopec Group, is similarly likely to ask Saudi Arabia to reduce crude supplies next month.
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