BAKU, Azerbaijan, May 5. China’s LNG imports in 2023 are forecast to increase by 10-15 percent year-on-year, Trend reports citing the latest gas market outlook from the International Energy Agency (IEA).
According to the data, China’s LNG imports declined by an unprecedented 20 percent in 2022, enabling higher LNG deliveries to the European market.
"After months of year-on-year declines in China’s LNG imports (net of re-exports), volumes rebounded in February, up by 2 percent on the same month in 2022 according to ICIS LNG Edge. This was the first time that monthly Chinese LNG imports recorded a year-on-year increase since December 2021. This rebound seemed to be confirmed in March as net LNG imports increased by 11 percent year-on-year," the report said.
However, as the agency noted, this growth expected in the current year is still below the 2021 levels.
Meanwhile, overall gas demand in China in 2023 is projected to grow by over 6 percent, backed by recovery in economic activity and potential increase in gas use by the industrial sector.
"2023’s demand increase is fuelled by the expected recovery of economic activity following the easing of COVID-19 lockdown restrictions. Fresh LNG procurement is expected to be sluggish due to the combined effect of the introduction of newly signed long-term LNG purchase contracts, increased domestic production and pipeline gas imports," the IEA noted.