Cheap natural gas flowing from the has created new opportunities for U.S. energy companies to market fuels to China. China Petroleum & Chemical Corp., the country’s largest oil refiner, said Friday that it signed a long-term contract to buy liquefied petroleum gas, or propane, from , a U.S. refiner that spun off from ConocoPhillips . China’s state oil giant, known as , didn’t disclose the length, volume or value of the deal. “There has been a substantial increase in propane supply due to the rapid development of shale gas in the U.S.,” Sinopec said, adding that the deal will help diversify its sources of propane, a cheap byproduct of oil refining and natural-gas extraction. Sinopec’s latest deal comes as more Chinese petrochemical companies begin sourcing propane from the U.S. to feed a wave of new chemical plants that can turn propane into more valuable propene, a building block for […]