China’s Ningbo LNG terminal. The country’s demand for the fuel has dropped for the first time in nearly 10 years. (CNOOC)
China’s LNG imports shrank in the first quarter of 2015, marking the first contraction since the country started buying the fuel in 2006 and raising fresh doubt over the outlook for what was once the fastest-growing major LNG market.
Imports fell by 8.9% to 5.12 mt in the first three months of the year, from 5.62 mt in Q1 2014, according to customs data. Imports in January were down by 20% from the same month last year, to 2.12 mt. Deliveries rebounded in February, growing by 11% to 1.66 mt, but shrank again in March by 8.96% to 1.34 mt.
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