China to become world’s top importer of natural gas in 2019, report says
Nation’s demand for the fuel to rise by 60 per cent between 2017 and 2023 to 376 billion cubic metres, International Energy Agency says
China will become the world’s top importer of natural gas next year, boosted by purchases of LNG as its weans itself off coal-generated power, the International Energy Agency said on Tuesday.
In its “Gas 2018” report, the IEA said Chinese demand for natural gas will rise by almost 60 per cent between 2017 and 2023 to 376 billion cubic metres (bcm), including a rise in its liquefied natural gas imports to 93 bcm by 2023 from 51 bcm last year.
Imports of LNG, natural gas super-chilled to liquid form so it can be transported around the world on vessels, will rise to 505 bcm by 2023 from 391 bcm last year, including China’s additional purchases.
Global LNG exports meanwhile will rise 30 per cent by 2023 with the United States becoming the world’s second-largest supplier, compared to its negligible exports last year, thanks to the shale revolution that has transformed its energy markets.
The report from the Paris-based agency highlights the might the two powerhouses have over global energy markets just as US President Donald Trump squares off with Beijing over trade.