China Plans to Increase LNG Imports on Gas Shortage

[phantom power]

Feb. 7 (Bloomberg) -- China plans to increase its imports of liquefied natural gas to ease a domestic shortage of the fuel, the official Xinhua News Agency reported today, citing Zhang Guobao, head of the National Energy Administration.

China’s gas companies should sign more long-term LNG contracts in order to take advantage of a global surplus of the fuel, Zhang was quoted as saying in the Xinhua report.

Chinese oil companies including PetroChina Co. and China Petroleum & Chemical Corp., known as Sinopec, are increasing gas output and imports to ease a supply shortfall caused by a cold snap since last month. China imported about 3.5 million metric tons of LNG last year, or about 6 percent of the nation’s total demand, Xinhua quoted Zhang as saying.

China will start building more LNG terminals this year in places including Zhuhai, in southern Guangdong province, and Shandong province, the news agency cited Zhang as saying. The country plans to speed up construction of natural gas pipelines and storage facilities on the coast, according to the report.

http://www.bloomberg.com/apps/news?pid=20601081&sid=aLQs2OtvZJBY

[madrchsod]

1. lng from iran!

that`s why the big iran/usa military pissing contest is a ruse for the rubes back home...