Chinese energy company signs 20-year deal to buy American natural gas

A Chinese energy company on Monday signed a 20-year deal to buy American natural gas. 

China Gas Holdings agreed to buy 500,000 metric tons of liquefied natural gas each year from Venture Global beginning in 2030, according to a press release from the companies. 

The deal comes despite China maintaining tariffs on U.S. energy products, including a 15% levy on LNG. The LNG tariff remains in place even after China suspended a 24% additional tariff on U.S. goods for one year, Reuters reported. 

"Venture Global is pleased to expand our LNG partnership with China Gas, a leading natural gas operator in China, supplying the country's growing energy needs with reliable, low-cost American LNG from across our Louisiana projects," Venture Global CEO Mike Sabel said in a statement.