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China’s Gas Imports To Rise 4.6% YoY In 2023: CNPC

NATURAL GAS

China’s gas imports may rise 4.6% to 158bcm in 2023 from a year earlier as the economy rebounds, according to China National Petroleum Corp. (CNPC).

  • China’s pipeline gas imports are forecast to rise by 9.5% year on year to 69.1bcm, Zhang Xiaoyu, a gas researcher at CNPC said.
  • LNG imports are expected to rise by 1% year on year to 89.1bcm.
  • New LNG contracts will add 8.7bcm, which may weigh on the country’s sport purchases.
  • The average North Asia’s spot LNG price for this year is forecast to fall to $23-$26/mmbtu in 2023.
  • Domestic natural gas output is forecast to rise by 5.4% year on year to 234.6bcm.
  • China to add 6GW of gas power fleets this year, reversing last year’s first drop in demand.
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