GGP: China LNG Forecast
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This is an excerpt of a periodic thought-pieces about key issues in the LNG market by DataFusion Associates originally published in July 2017.
Chinese LNG imports over the first eight months of 2017 were 44% higher than the same period last year. Full year imports could exceed 34 million tonnes (26 million tonnes in 2016). In 2018 China is likely to overtake Korea to become the second largest LNG importer. How much will China import in 2025? Will it overtake Japan? This LNG Insights forecasts China’s LNG imports out to 2030.
• Domestic gas consumption over the first eight months of 2017 increased by 17.8% year-on-year to reach 150.4 Bcm
• Domestic gas production up 10.8% to 97.8 Bcm
• Natural gas imports Jan-Aug up 24.8% to 57 Bcm
• LNG imports in first eight months up 44% year on year.
• LNG sales within China surged by 45% year on year in H1 2017, to 8.11 million tonnes as a result of stronger demand from the transport and industrial sectors.
• Transportation sector returns to growth – LNG significantly cheaper than diesel
• Government outline substantial expansion of LNG terminal capacity, gas storage facilities and pipelines
• Major coal to gas conversion programme launched to convert industrial boilers and district heating plants to gas in major cities. This campaign becomes the major driver in gas demand growth
The 13th Five-Year Plan for natural gas development (2016-2020) that was issued in January 2017 revised downward its estimates for gas demand in 2020, stating that gas…
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