Weekly China natural gas market news summary (Oct 14-Oct 18)

sxcoal.com 2019-10-18 17:08:47

China starts to release liquefied natural gas import price index

China has launched a new price index for liquefied natural gas (LNG) imports to better reflect changes in the market.


The LNG comprehensive import price index (the LNG index), jointly developed by a monitoring center under the General Administration of Customs and Shanghai Petroleum and Natural Gas Exchange (SHPGX), came in at 3,497 yuan (about $494) per tonne over October 7-13, up 3.2% from the week before.


China's CNOOC to trial LNG delivery by rail

China National Offshore Oil Corp (CNOOC) is working with a railway company to trial delivery of liquefied natural gas (LNG) by rail, a senior company executive said on October 15.


The two-year trial will involve sending LNG to central China from four terminals - Guangxi, Zhuhai, Zhejiang and Tianjin, Wang Si, head of the company's LNG ISO Tank Container Intermodal Transport Project, said in a conference.


China's Yantai Port to launch LNG storage plants by 2022, sources

China's Yantai Port Group aims to launch two jointly-owned liquefied natural gas (LNG) storage facilities by 2022 and expects government approval for them this month, sources said.


Shandong province, where the Yantai port is located, is an industrial and petrochemical hub in eastern China. It has one quarter of the country's steel capacity and is also a big coal consuming region, though it is yet to house a gas-powered plant.


China's gas demand to rise to 510 bcm by 2030, official

China's natural gas demand is expected to reach 510 billion cubic meters (bcm) by 2030, noted an official from Sinopec Gas Co in a conference on October 15.


The surging demand would mainly derive from rapid growth in sectors such as city gas, industrial and gas-powered utilities, while demand from chemical plants is expected to decline, said the official who was reading prepared remarks on behalf of Wu Gangqiang, deputy chief economist at Sinopec Natural Gas.


China's natural gas imports rise 7.8% YoY in Sep; zest to grow

Chinese customs data showed a solid year-on-year growth of 7.8% in its natural gas imports in September, primarily spurred by China's continued efforts in coal-to-gas/electricity switch for heating system in order to improve air quality.


The country imported a total 8.21 million tonnes of natural gas in September, increasing 594,000 tonnes from the year prior, showed data from the General Administration of Customs on October 14.


Chinese oil firms reshape energy supply with innovation

Sinochem Energy Co Ltd, the energy business arm of China's state-owned Sinochem Group, will operationalize the second phase of its Quanzhou refinery base in eastern China's Fujian province in 2020.


This move will raise its annual petroleum refinery distillation capacity from 12 million tonnes to 15 million tonnes a year, which will help meet rising domestic energy demand.


(Writing by Tian Zhang  Editing by Tammy Yang)
For any questions, please contact us by inquiry@fwenergy.com or +86-351-7219322.

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