Global Markets: It’s official, China is now world’s No. 2 LNG importer

china-plans-to-develop-100-mln-tons-of-lng-import-capacity
Illustration purposes only (Image courtesy of Sinopec)

China’s imports of liquefied natural gas (LNG) surged 46 percent to 38.13 million tonnes in 2017, according to the General Administration of Customs data.

This confirmed that China took over South Korea as the world’s second-largest LNG importer last year.

To remind, South Korea imported 37.5 million mt of LNG in 2017, a rise of 12.2 percent as compared to 33.4 million tonnes the year before.

Chinese LNG imports have been rising steadily as the country is pursuing its plan to cut addiction to coal to reduce pollution.

In December, China’s imports LNG hit a monthly record of 5.03 million tonnes boosted by winter demand, customs data showed.

These LNG imports rose 24 percent as compared to November’s previous record of 4.056 million tonnes, and were up 35 percent from a year earlier.

The country is continuing to import record volumes of the fuel and has reportedly snapped up about 60 cargoes, totaling over 4 million tons of LNG for delivery before a new cold snap expected in mid-February.  By LNG World News Staff

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