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05 August, 2016

China to raise gas imports by 500%

China National Petroleum Corporation (CNPC) has announced that imports of natural gas wil increase from the current 53 billion cubic meters per year (mcm/y) to as high as 190-270 mcm/y.

"Despite the fact the Chinese economy has entered a new stage, and there has been growth slowdown, the demand for gas will increase,” RIA Novosti has quoted CNPC International Department Director-General Li Yueqiang as saying.

This corresponds to the concept of green development of the Chinese economy and the reduction of pollutant emissions.”

According to the CNPC official, China used 200 billion cubic meters of gas in 2015, of which a quarter was imported.

Russia will be one of the main providers of the natural gas increasingly needed by China.

The countries are already building the Power of Siberia pipeline, or the so-called eastern route, which will deliver 38 billion cubic meters of Russian gas to China annually, RT.com reported.

China and Russia have started construction of the pipeline, and building in the border area was expected to start this June.

Moscow and Beijing have also been talking about building another pipeline, the Power of Siberia-2, or the western route to deliver an additional 30 billion cubic meters of gas to China annually.

Even though the pipeline hasn’t been officially launched, Gazprom is already preparing the infrastructure, , RT.com has quoted a report by Vedomosti daily as saying in July.

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