2020 China LNG Import Outlook
In 2019, China’s natural gas industry achieved a significant growth rate of 10%, the third growth rate above 10% in a row. Meanwhile, the domestic production increased by 10% as well, but the piped gas import dropped by 1.7%. In order to secure the natural gas promotion and development, China turned to LNG import, the most important supplementary of natural gas supply, and accordingly, China’s LNG import reached 84.7 bcm or 60.5 million tons in 2019, up 13.4% from 2018.
Facing 2020, the end year of the 13th Five-Year Plan, China’s natural gas industry is rushing to the goal of 10% in the energy mix, and China government has made ambitions plans to secure the supply by all means so as to support the rapid growth of natural gas consumption. However, as a nation with poor gas reservoir, the domestic product has already met the ceiling, and the piped gas import also has the infrastructure limitation. Therefore, LNG and CREP will be the two engines of the future supply increment in five years.
According to SCI’s estimation, China’s natural gas consumption will reach 331.7 bcm by 2020 and 489.6 bcm by 2025, and the LNG import scale will reach 91.9 bcm or 65.6 million tons by 2020 and 152 bcm or 108.6 million tons by 2025. With a batch of supports from home and abroad, China’s LNG import will advance rapidly and surpass Japan to be the world’s largest LNG import by 2023 as expected.
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