China’s Sinopec Group Plans To Double LNG Receiving Capacity
As more and more nations look for ways to reduce their reliance on coal and oil, liquefied natural gas (LNG) is rising in popularity.
China, which is known for needing a significant amount of energy, appears to be making plans to make wider use of LNG.
Oil Price reported that the country’s Sinopec Group intends to more than double its receiving capacity for the fuel in the next six years. As a result, the state-owned company plans to construct new LNG receiving facilities with a collective capacity of 26 million tonnes by 2023.
These new facilities will be located along China’s east coast, and will significantly expand its LNG receiving network - at present there are 17 such facilities in the nation with a capacity of 9 million tonnes.
According to the news provider, LNG is expected to make up ten per cent of the nation’s energy mix by 2020, and will grow in the future, now that the Chinese government wants to move away from coal-generated power.
In addition to the development of new receiving facilities, Sinopec will be making use of 10,000 kilometres of gas pipelines.
China became the world’s second-largest LNG importer at the end of 2017, with only Japan importing more of the fuel. South Korea now sits in third place in the list. China’s switch to LNG has been rapid, with a 48 per cent year-on-year increase in the volume of fuel it imported recorded in 2017.
Global LNG imports are expected to have a record year in 2018, with Bloomberg New Energy Finance recently estimating that imports of the fuel will climb to 305 million metric tonnes by the end of 2018.
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