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China’s LNG imports rank first in the world, likely to increase

(People's Daily Online)    15:49, April 02, 2019

China’s net imports of liquefied natural gas (LNG) increased by 16 million tonnes in 2018, ranking first in the world and accounting for 59.26 percent of the global increment, Securities Daily reported on April 2.

China’s imports of LNG accounted for 53 percent of the country’s total supply of natural gas, while the proportions of domestic natural gas and imported pipeline gas were 26 percent and 21 percent respectively, according to the Shell LNG Outlook 2019 released by Royal Dutch Shell Plc on March 13.

According to China’s 13th Five-year Plan (2016-2020), by the year 2020, the proportion of natural gas as China’s primary energy consumption, which currently stands at 6.6 percent, should be raised to 8.3-10 percent, indicating foreseeable tremendous growth.

In recent years, driven by the stable development of the macroeconomy and increasing environmental policies, China’s natural gas consumption has been rising rapidly, leading to the nation’s continuous growth in imports of LNG.

Experts believe that the momentum of LNG imports by China will most likely be maintained in 2019 in the present context of relatively loose international LNG supply. However, the country is advised to pay close attention to the influence of various factors within the domestic LNG market, such as the cost of LNG supply, system and mechanism reforms, and imports of pipeline gas from Russia.

China is now making significant efforts to deepen the institutional reform and marketization process of the energy industry, attracting capital to the construction of its energy industry.

LNG import projects are currently developing with great momentum in China with an ideal industry chain. More and more private companies have participated in China’s construction of import-related LNG terminals.

By the end of 2018, China’s LNG terminals had amounted to 20, meaning a capacity for receiving about 73 million tonnes of LNG per year. Furthermore, 11 new projects on the construction of LNG terminals have kicked off or are about to start this year or next year, adding a predictable LNG receiving capability of around 19.45 million tonnes to the Chinese energy market. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Xian Jiangnan, Hongyu)

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