In 2024, China will increase natural gas imports by 8.2% YOY to 179.1 billion cubic meters, Bloomberg reports, citing forecasts from the country's largest energy company, China National Petroleum Corp (CNPC).

This will be achieved through lower prices for liquefied natural gas (LNG).

Imports of liquefied natural gas itself are expected to increase by 8.1% YOY to 106.4 billion cubic meters. But due to the decrease in coal prices within the country, this indicator will grow at a slow pace compared to last year.

Long-term contracts will be the main source of increasing the volume of imported natural gas. The Celestial Empire also continues to increase the capacity of regasification terminals. According to CNPC forecasts, this year it will reach 50 million tons per year.

Pipeline gas imports are expected to grow by 8.2% YOY to 72.6 billion cubic meters due to supplies from Russia. Last year, this figure increased by 6.6% YOY.

Natural gas production in China itself should grow by 4.5% YOY to 245.8 billion cubic meters, while demand for natural gas in the country is expected to add 6.1% YOY to 415.7 billion cubic meters.

ORIENT news