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Tuesday, April 24, 2018

Random Update Of China And LNG Imports -- April 24, 2018

When I first started blogging some years ago, I knew nothing about natural gas. I think I know a bit more now, but not much.

So, for me, Irina Slav's article on China and natural gas is fascinating. I believe I have seen all of this data before but it's interesting to see it another context.

The headline: can China combat its natural gas crisis? Well, obviously China will combat its natural gas crisis; it already is.

The real question is whether China will succeed. I assume China will succeed but the story will be interesting to follow. If it does not succeed, it's back to more coal and nuclear. India has already made one choice: India will cut back on plans for some nuclear reactors and rely on coal instead.

China, on the other hand, appears to be taking a different direction. Some data points:
  • last year (2017)
    • China became the world's second-largest LNG importer
    • China imported 38 million tons of LNG
    • China increased it LNG imports by 46 percent over the previous year -- 46%!
  • Now (2018):
    • "China will boost its LNG import capacity to 26 million tons annually over the next six years from the current 9 million tons. China's total of LNG import capacity is 17 million tons." (sic)
    • China is turning depleted gas fields into storage facilities 
    • China plans to have all 25 underground gas storage sites before this winter (2018 - 2019)
    • China plans to increase LNG by 25% this year, up to nearly 50 million tons
  • fresh customs figures, March, 2018:
    • almost a 65% increase in LNG shipments
    • 3.25 million tons (annualized = 39 million tons)
  • first quarter this year
    • 12 million tons LNG imported
    • almost a 60% increase on 1Q17
  • lots of infrastructure needed: import terminals; pipelines; storage faclities
  • will drive GDP

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