Kunlun Adds over 1mn Chinese Gas Users in 2017
CNPC-controlled Kunlun Energy added over 1mn natural gas users in Chinese towns and cities in 2017 to take its total gas user base above 8.8mn, CNPC said February 12.
In the rural areas Kunlun Energy added 429,000 gas users last year. Hong Kong-listed Kunlun is involved in oil and gas exploration, natural gas sales and transmission, pipeline operations and LNG storage and processing.
CNPC, without providing actual numbers, said that sales volume of urban gas in 2017 increased by 29.6% over the previous year, LNG loading and unloading volume increased by 84.3% and gasification output and loading volume increased by 101.6% year on year.
In 2017, the market capitalisation of Kunlun Energy increased by 40%, CNPC said.
Taking its cue from the government’s initiative to promote natural gas instead of coal in households, Kunlun has been accelerating the development of natural gas in urban areas in recent years. It has covered 31 provinces, autonomous regions and municipalities directly under the central government.
China saw a sharp spike in gas demand and production last year, with CNPC's annual output exceeding 100bn m3 for the first time.