Weekly China natural gas market news summary (Nov 4-Nov 8)

sxcoal.com 2019-11-08 16:48:41

China gas demand to hit 145-150 bcm this winter

China's natural gas demand is expected to reach 145-150 billion cubic meters (bcm) during this winter heating season, 5-8% higher than a year ago, a gas marketing executive with China's state energy group Sinopec Corp said on November 8.


In earlier days, Sinopec expected China's natural gas demand to increase by 82% to 510 bcm in 2030.


32-bln-yuan LNG project settled in N China

A large liquefied natural gas (LNG) project and its supporting pipeline project, with a total investment of 32 billion yuan ($4.6 billion), started construction in northern China, local government said.


The LNG project, located in a logistics park at Caofeidian port of Tangshan City in northern China's Hebei Province, is the largest LNG terminal project under construction and planning in the Bohai Bay rim area, according to the municipal government of Tangshan.


CNPC continues buying spree in 2nd Shanghai import expo

Oil & gas giant China National Petroleum Corp signed 21 contracts with 20 global suppliers in the second China International Import Expo in Shanghai.


These suppliers include Kazakhstan Natural Gas Transport Company, Saudi Aramco, Kuwait National Petroleum Company, ABB, etc.


Sichuan Basin's natural gas output to reach 1/3 of China's total

Natural gas output in southwestern China's Sichuan Basin is expected to account for one third of China's total production in the future, according to a report.


Sichuan Basin contributes around one fourth of China's total natural gas output currently, with reserves of conventional and unconventional gas in the region taking 23% and 26% of China's total, according to China Natural Gas Development Report for 2019 compiled by several institutes.


China Sinopec strikes high gas flows in deep Xinjiang well

China Petroleum and Chemical Corp, or Sinopec Corp , has struck high flows of natural gas in an exploration well in China's northwestern region of Xinjiang, official Xinhua News Agency reported on November 5.


The Shunbei-4 well was drilled 8,270 metres below the surface, part of the Shunbei oil and gas field measuring 28,000 square kilometres, one of the deepest oil and gas deposits in Asia and Sinopec's new frontier for reserve additions, Xinhua said.


Hengyi Petrochemical launches Brunei refinery plant

China's Hengyi Petrochemical Co Ltd has launched an oil refinery and petrochemical facility in Brunei, the company said in a filling to the Shenzhen Stock Exchange on November 3.


The Brunei project will enable the company to extend business to paraxylene (PX) and benzene production, as well as oil refining, from current Purified Terephthalic Acid (PTA) and polyester filaments production, it said.


Growth in China's LNG imports tumbles as economy slows

Growth in Chinese imports of liquefied natural gas (LNG) is set to slow sharply this year reflecting a slowing economy and record high coal imports, according to analysts.


Beijing since 2017 has pushed households to convert to gas or electric heating from coal and this year has set its highest yet target for conversions at 5.24 million households.


(Writing by Tian Zhang  Editing by Tammy Yang)
For any questions, please contact us by inquiry@fwenergy.com or +86-351-7219322.

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