Page 8 - GLNG Week 34 2022
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GLNG                                                ASIA                                               GLNG

       Chinese LNG imports see





       15.4% slump in July







        IMPORTS          CHINESE LNG imports slumped 15.4% year on   “The weakening gas demand was due to a
                         year in July to 4.74mn tonnes, according to cus-  confluence of factors, including economic slow-
                         toms data published on August 18, as the coun-  down, rising gas import prices, policy support
                         try is forecast to see its biggest slump this year in  for clean coal and a warmer than usual winter,”
                         LNG demand since it began importing the fuel.  the Edinburgh-based consultancy said in mid-
                           Cumulative LNG imports in the first seven  July. “Gas-fired power was a major contributor
                         months of this year were down 20.3% y/y, total-  to the absolute decline in volumes. In addition
                         ling 35.93mn tonnes, according to customs data.  to the factors mentioned earlier, the sector was
                         Meanwhile, pipeline gas imports rose by 8% y/y  pressured by growth in use of renewables.”
                         in July to 3.96mn tonnes, and were up 10.8% y/y   In contrast to the prevailing trend, China’s
                         in January to July, at 26.28mn tonnes.  LNG imports from Russia have seen sustained
                           China’s own production also rose in July by  growth over recent months. According to cus-
                         8.2% y/y, at 17.1bn cubic metres, the country’s  toms data, the country imported some 400,000
                         National Bureau of Statistics reported on August  tonnes of Russian LNG in July, up 20.1% y/y
                         15. Output was up 7.8% month on month. Pro-  and marking the fourth consecutive month of
                         duction in the first seven months of the year  growth. Chinese oil imports from Russia have
                         expanded by 5.4% y/y, arriving at 126.7 bcm.   similarly been higher this year, and in July were
                           Chinese LNG imports soared 18.3% last year  up 7% at 7.14mn tonnes (1.69mn barrels per
                         to a record 78.93mn tonnes, but Wood Mac-  day). Beijing has been taking advantage of the
                         kenzie has forecast that shipments will see their  discounted cost of Russian energy exports to
                         biggest ever decline in 2022, falling 14% y/y to  expand supply from its main geopolitical ally.™
                         69mn tonnes.

















































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