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China LNG Imports Could Hit Record in 2024: PetroChina

LNG

China’s LNG imports could hit record levels in 2024 according to a PetroChina official.

  • PetroChina forecasts the country will import 78-80 million metric tons of LNG this year, 9-12% higher than 2023 imports.
  • "Based on the first quarter data, that's achievable," according to Zhang Yaoyu, global head of LNG and new energies for PetroChina.
  • Demand is being driven by the chemicals, paper, steel and cement industries.
  • For China power plants, LNG prices would need to drop to below $6 per million British thermal units (mmBtu) for consumption to pick up, Zhang said.

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