China – for the first time – is world’s biggest LNG importer
On the basis of final 2021 figures, China has taken over from Japan as the world’s biggest importer of liquefied natural gas (LNG). Japan increased LNG imports last year by 2 % (to 104.3 billion cu.m in regasified form), while China boosted imports by 16 % (to 106.3 billion cu.m.), according to Refinitiv data. And thus, China moved into first place world wide.

South Korea stood third in terms of imports, exhibiting strong growth of 16 % to 63.8 billion cu.m., while India reduced imports by 7 % (to 31.8 billion cu.m.).

    Europe also experienced a decline in LNG imports (by 6 % to 110.8 billion cu. m.). But volumes varied from quarter to quarter – in the first quarter, Europe slashed its imports by 28 % year-on-year (to 27.3 billion cu.m.) and recorded cuts of 7 % in the second quarter (to 30.7 billion cu.m.) and 13 % in the third quarter (to 19.9 billion cu.m.). But a rise of 36 % was recorded in the fourth quarter (to 33 billion cu.m.).

    The changed trend was linked to a great extent to an evening-out of a premium in Asian prices.

    In the first quarter, average spot prices in Asia stood at $10.20 for one million British thermal units (BTU), or 57 % higher than in Europe ($6.50 per million BTU). In the fourth quarter, the premium was only 10 % ($35.30 against $32.20 per million BTU). The process of evening-out prompted a sharp reduction in imports in Asia: In the first quarter China, Japan, South Korea and india increased LNG imports by 13 % (to 85.5 billion cu. m.), whereas in the second and third quarters, the increase was 14 % (to 70.4 billion cu.m.) and 11 % (to 74.3 billion cu.m.). In the fourth quarter, volumes decreased by 5 5 (to 70 billion cu.m.).

    Export trans-shipments of LNG in Russian ports increased by 1 %, from 30.1 million tonnes in 2020 to 30.3 million tonnes in 2021 (40.9 billion cu.m. and 41.2 billion cu.m in regasified form). The slight increase occurred despite planned maintenance over a month and a half at the Sakhalin Energy LNG plant. During that period, the far eastern port of Prigorodnoye received no shipments of LNG for export.

    The end-of-year results confirm a trend of further globalisation of gas markets – their dynamics depend increasingly on regional shifts in demand and price.

   Asia remains the market locomotive, particularly China, where demand for LPG in 2021 was more than three times greater than 2016 values (36.8 billion cu.m.)

    In Europe, LNG does away with temporary gas shortages – this was the case in the fourth quarter of 2021. At the beginning of that quarter European underground storage areas were filled only to 75 % capacity (compared to 95 % a year earlier, according data from Gas Infrastructure Europe).


Share on facebook
Share on telegram
Share on email
Share on twitter
Share on vk
Share on odnoklassniki
Share on reddit

Add comments

Your email address will not be published. Required fields are marked *

1650 hydrogen molecules per hour

The Novosibirsk scientists have proposed a new efficient method for synthesis of a highly active photocatalyst for hydrogen production under the action of sunlight. The materials developed are porous “sponges” made of graphite-like carbon nitride with platinum nanoparticles. The system showed one of the highest values of photocatalytic activity, among all known analogues, with a low content of noble metals, the Russian Science Foundation says.

read more ...

Metal-organic frameworks for CO2 capture

British renewable energy company Drax along with Promethean Particles, a metal-organic framework manufacturer and the University of Nottingham is going to test an innovative CO2 capture unit at the bioenergy power plant in North Yorkshire. If the tests are a success, Drax will launch construction of a full-fledged commercial analogue in 2024, its first stage will be put into operation in 2027, and the second one – in 2030.

read more ...

Rae Kwon Chung: the new climate economy can be a job generator

Transition to a sustainable economic development model focused on investment in the planet’s resources and human capital increase will lead to rapid generation of new jobs. Rae Kwon Chung, Chairman of the International Award Committee of the Global Energy Prize, talked about this in the lecture The New Climate Economy and Carbon Neutrality on May 19 as part of the New Horizons online forum arranged by the Russian Znanie Society.

read more ...


January 2022