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Chinese Gas Demand Expected to Grow: PetroChina Exec

NATURAL GAS

Chinese gas demand is likely to grow this year as its economy recovers according to PetroChina executives but not at high prices.

  • "We expect consumption of natural gas to return to a healthier level this year compared to 2022," Yaoyu Zhang, general manager of global LNG and new energies at PetroChina International said.
  • "This year, we expect at least the same level (as in 2022) – we believe there could be slightly more given recovery of the (Chinese) economy," Zhang said.
  • "If the spot LNG prices remain high like last year, we don't expect a quick rebound of the LNG purchases in China." He added.
  • On purchases from Russia, he said - "I don't expect these relationships to stop because at the moment there are no sanctions on LNG. I think it will be business as usual – we will lift our equity volumes – pipeline and LNG,"
  • A Chinese uptick in spot LNG buying is a key threat for Europe to fill its inventories this summer.
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