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CNPC to Expand LNG Fleet on Growing Trade

LNG

China’s CNPC will expand its LNG fleet from six vessels to 25 vessels by 2030, as the firm aims to expand its role as a global as trader, Wang Haiyan, CNPC deputy general manager said, cited by Bloomberg.

  • Gas supply to China has been improving with, high domestic production and Russian pipeline supplies, leaving more options for firms to trade.
  • “Supply isn’t a problem anymore,” and it’ll be even less of an issue as more global gas projects come online from 2026, Wang said.
  • Chinese importers have signed more LNG long-term contracts in recent years, with contracted volumes accounting for 63mn in 2023. This is expected to rise to 106mn tons by 2030, Wang added.
  • Russia will be largest natural gas supplier to China this year accounting for around 40bcm, or 29mn tons, he added.
  • The Power of Siberia pipeline is expected to deliver 30bcm of gas this year, up from 22bcm last year, before reaching nameplate capacity of 38bcm in 2025.
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