In China’s 13th Five-year plan, the Chinese government set targets to increase the share of natural gas in the primary energy mix from 5.9% in 2015 to 10% by 2020 and 15% by 2030. China’s natural gas demand has surged by nearly 15% from 2016 to 241 billion cubic metres in 2017. It is expected to show the strongest gas demand growth over the coming decades, surpassing Russia to become the 2nd largest consumer of natural gas by 2040.
According to customs statistics, China overtook South Korea to become second largest LNG importer in 2017, just behind Japan. China’s imports of LNG have risen by 46% in 2017 compared with the previous year to around 38 million tonnes. Comparatively, import-dependent Japan and South Korea have taken 84 million tonnes and 37.5 million tonnes respectively. China’s soaring LNG import is driven by a government gasification programme that switched millions of households to using natural gas rather than coal for household heating. Continued gas demand growth and policies to reduce air pollution through coal-to-gas switching are likely to boost China’s LNG imports demand further over the next three to four years.
Sources:Arrow
Sources: Arrow
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