China's Gas Market 'Rebalancing': CNPC
With sharp rebound in demand for natural gas in 2017, China’s natural gas market is undergoing a new “rebalancing” and more market driven reforms are expected in the future, Lu Ruquan from CNPC’s overseas department wrote in a note published on company’s website January 16.
During the period January to November 2017, China imported a total of 84.bn m3 of natural gas, up 26.9% over the previous year, of which 46.2bn m3 were LNG imports, an increase of 49% over the previous year. Country’s pipeline gas imports were 38.3bn m3, up 7.6% on year, according to official data.
From January to November, the cumulative domestic consumption of natural gas exceeded 200bn m3, an increase of 18% over the previous year.
“The explosive growth in imports and consumption has not been seen in the past few years and is the best example of a "rebalancing" of our natural gas supply and demand markets,” Lu said.
Chinese gas demand has seen a sharp jump in the past few months due to harsh winters and government’s push towards usage of cleaners fuels like natural gas in industries and households.