China’s natural gas demand is expected to peak at about 620 billion cubic metres (bcm) between 2035 and 2040, Ma Yongsheng, chairman of state oil and gas major Sinopec Corp 600028, said on Wednesday.

Speaking at the World Gas Conference, Ma said the Asia-Pacific region had become the core engine of global gas demand growth.

“In 2025, global liquefied natural gas (LNG) trade is expected to reach 440 million tons, with Asia accounting for about 60% of imports,” he said.

Ma warned, however, that while new global liquefaction capacity is estimated at about 420 million tons by 2030, the increase in LNG imports would make up less than half that, and the risk of oversupply would gradually become apparent.

The LNG market also remained fragile, he said.

“Regional gas markets face bottlenecks, such as supply chain disruptions due to geopolitical tensions, uneven infrastructure development, and increasing competition from renewable power generation,” Ma added.
Source: Reuters