China Scrambles To Meet Surging Gas Demand

With memories of last year’s shortages still fresh, Beijing’s powerful National Development and Reform Commission is demanding a 20% increase in gas supply this coming winter to avoid a repeat performance. According to China’s official Xinhua news agency, Liu Tienan, NDRC’s Vice Director, has urged local companies to boost LNG spot purchases and bring forward new gas projects. PetroChina, the country’s largest gas player with a 70% market share, will have to shoulder much of this burden. It has already announced plans to import up to eight LNG cargoes this winter to meet demand. Download here