China’s LNG imports to hit record high

For illustration only (Image courtesy of Sinopec)

China, the world’s largest energy consumer, is reportedly set to import record levels of liquefied natural gas (LNG) this month.

According to a report by Reuters, China is expected to import about 3.33 million tonnes of LNG in December spurred by winter demand, boosting Asian prices to their highest in nearly two years.

This would easily top the record 2.66 million tonnes that landed in China in November as a cold snap across the north of the country spurred demand, the report said.

China is expected to import ten cargoes of the chilled fuel from the world’s top LNG exporter, Qatar in December as the pace from Australia slows due to the outage at Chevron’s giant Gorgon LNG plant on Barrow Island.

The report suggests that the country’s LNG imports rose this year due to due to growing use of long-term contracts by oil and gas majors CNPC, PetroChina, Sinopec and CNOOC.

The buying spree may also boost Asian LNG prices. They are currently at $9.30 per million British thermal units (mmBtu), the highest since January 2015 and more than double levels in April, the report said.

China’s imports have already surpassed the 20 million tonnes figure this year, according to the General Administration of Customs data.

The country imported 22.3 million tonnes in the January-November period. This compares to 19.63 million tonnes for the whole year of 2015.

China started importing LNG in 2006 and is currently the world’s third largest LNG importer– representing about 8% of global LNG imports in 2015.

The country’s LNG imports are expected to significantly rise in the next five years as it as it is seeking to cut its addiction to coal to reduce pollution.

 

LNG World News

Share this article

Follow LNG World News

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >