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China becomes world's N 2 LNG importer in 2017 after Japan

Gasoil News - Published on Thu, 28 Dec 2017

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Shipping data in Thomson Reuters Eikon showed that China will become the world's second-biggest importer of liquefied natural gas (LNG) this year as it overtakes South Korea. This is a huge boost to Asia's emerging spot market as Chinese buyers rely much more on short-term purchases to meet their needs than their counterparts in Japan and South Korea.

Eikon said that China's imports of LNG will have risen by more than 50 percent in 2017 compared with the previous year to around 38 million tonnes.

Comparatively, import-dependent Japan and South Korea will have taken around 83.5 million tonnes and just over 37 million tonnes by the end of the year, respectively.

Analysts, though, say China's LNG imports will rise further.

Wang Wen, Beijing-based gas analyst with consultancy Wood Mackenzie, said that "We are expecting to see even higher surges in winter demand over the next three to four years as the Chinese government pushes more broadly its gas-for-coal drive."

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Posted By : Rabi Wangkhem on Thu, 28 Dec 2017
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