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Chinese H2 Fuel and Gas Demand Forecast to Increase 1.5% and 5.5%: PetroChina

ENERGY

PetroChina expects Chinese H2 fuel demand to increase 1.6% y/y and gas demand up 5.5% y/y as the country recovers from lockdowns and economic weakness.

  • "China's apparent fuel demand is expected to reach 180 million tonnes in the second half of the year, with a fast recovery of jet fuel consumption," said Huang Yongzhang, President of PetroChina.
  • The 5.5% rise in gas demand is expected to push total gas demand for 2022 to 380-390 billion cubic metres.
  • PetroChina's refinery throughput dipped 1.4% to 597.5 million barrels in the first half of 2022, while sales of gasoline, diesel and kerosene combined were down 11.1% to 71.43 million tonnes.
  • PetroChina disclosed a 3.1% increase in oil and gas output to 845 million barrels of oil equivalent in H1.

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