China’s Oil Giants Bet on Natural Gas as Fuel Demand Peaks

China’s biggest state-held energy firms are following the demand trends in the world’s top crude oil and natural gas importer. After decades of growth, Chinese demand for transport fuels is peaking as electric vehicles and LNG-powered trucks are seizing market share from gasoline and diesel. But natural gas demand is only going up, and it’s expected to continue growing for decades. Tasked by the authorities to boost domestic production of oil and gas, all three state majors, PetroChina, Sinopec, and CNOOC, are increasingly betting…