China Overtakes Japan As World’s Top LNG Buyer, says an article on Xinder Marine.
World’s largest buyer
In the 12 months from June 2020 to May, China imported 76.27 million tonnes of LNG, only slightly behind Japan’s 76.32 million tonnes, ICIS LNG Edge said. It estimated China’s 2021 total LNG demand at 81.2 million tonnes, above 75.2 million tonnes for Japan.
Independent and second-tier Chinese LNG buyers keen to lock in contractual supply with global sellers should keep China’s demand high, the firm added.
China’s efforts to cut emissions have boosted demand for LNG, which produces about half of the emissions of coal. The share of gas in China’s energy mix is around 10%, in third place behind coal and oil.
Japan aims to cut its carbon emissions almost by half by 2030 and the resumption of nuclear power generation in recent years has reduced its LNG imports.
“Strong economic performance, supportive government regulation, and investment in LNG and gas infrastructure have led to an extended period of growth for China’s LNG demand,” ICIS LNG Edge said in a note.
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Source: Xinder Maritime