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China Gas Imports to Increase 8.2% to 179.1bcm in 2024: CNPC

LNG

Gas imports to China are forecast to increase 8.2% to 179.1bcm in 2024 as demand rises 6.1% according to China National Petroleum Corp’s Economics & Technology Research Institute.

  • LNG imports are forecast to expand 8.1% y/y to 106.4bcm boosted by cheap prices. Growth is slower than the 12.6% increase in 2023 due to cheaper domestic coal.
  • Terminal expansions are estimated at a record of 50m tons/year in 2024 while most of the supply increase will come from long-term contracts.
  • Pipeline gas imports are expected to rise +8.2% y/y to 72.6bcm, supported by rising Russian supplies and compared with growth of +6.6% in 2023.
  • Domestic output to rise 4.5% y/y to 245.8bcm
  • Gas demand to rise +6.1% to 415.7bcm, compared to 7.6% in 2023.

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