CNOOC’s Putian LNG terminal. China’s NOCs have locked in over 43.75 mtpa in term volumes. (Putian)
Diverse views on the outlook for China’s LNG imports were aired in Beijing last week, with the range of forecasts reflecting uncertainties over future growth in the world’s third-biggest gas market and perhaps some hidden agendas as well.
Demand from China failed to grow to the extent anticipated in 2014, prompting revised estimates for how much LNG the country will need in the future. Chinese imports increased by only 10% year on year in 2014 to 19.89 mt, down sharply from 22.72% in 2012-2013 and 20.26% in 2011-2012.
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