Turkmenistan Gas Import HALVED AGAIN
According to sources, Turkmenistan state-owned Natural Gas Konzern reduced the natural gas export to China by around 35 mn cbm/d on January 8, 2018. Entering the 2018-2019 heating season, the usual gas supply to China from Turkmenistan Natural Gas Konzern was around 60 mn cbm/d. It was said that the supply reduction was caused by a unit failure. The supply decrease this time was quite similar to what happened in the 2017-2018 heating season, and market players paid much attention to it. CNPC has activated the emergency plan to raise the transportation volume of the South-North gas transportation and the LNG import volume. Sources said that CNPC had promised that downstream enterprises would get sufficient gas supply, and the gas supply restriction would not be conducted. After urgent repairs, some faulty units have already been restarted. The failure is expected to be resolved shortly.
The Central Asia Pipeline transports the natural gas produced in Turkmenistan and Uzbekistan to China. China imports the most piped gas from Turkmenistan. According to CGAC, the total volume of the piped gas import from Turkmenistan was 32.90 bcm (23.50 mn mt) in 2017, taking up 81% of the total.
NDRC’s Bureau of Economic Operations Adjustment said that the impact of the supply reduction this time was limited. CNPC’s daily gas supply volume to China’s market was about 600 mn cbm in this heating season, and this number exceeded 700 mn cbm on December 29. It will not be too hard for CNPC to import another 30 mn cbm gas. Besides, China’s NOCs made much preparation in 2018. Now the underground gas storages and the LNG tanks all around the country could provide 9 bcm natural gas, and massive volumes of LNG are shipping to China. NDRC said that it would cooperate with China’s market regulatory authority to keep the proper order in the natural gas market.
China’s natural gas production-supply-storage-sales system developed in 2018. The north part of China entered the heating season on November 15. Since that, the natural gas consumption volume was over 830 mn cbm. The gas import from Turkmenistan Natural Gas Konzern has fluctuated for several times, yet the total impact was still limited. Thus, the gas market price and LNG price could only be supported limitedly. According to the government’s instructions, NOCs’ LNG sales price cannot exceed the previous highest point on December 12, 2018. Thus, the national LNG average price (which is RMB 5,400/mt now) will not exceed RMB 5,600/mt.
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