A tanker berths at Zhoushan LNG terminal in east Zhejiang
Chinese LNG dynamics shift
Opening up of market is driving rapid growth in regasification capacity and a change in procurement habits
China is set to bolster its newfound status as the world’s top LNG importer with a massive buildout of regasification capacity this year. But the additional capacity is likely to be underutilised amid insufficient contracting activity and reduced spot market procurement. Up to nine new import terminals and four expansion projects at existing facilities are set to be commissioned this year, potentially adding as much as 38.9mn t/yr of new regasification capacity, according to data compiled by Petroleum Economist. This compares with additions of 13.7mn t/yr last year and 8.9mn t/yr in 2020. The launch of these terminals and expansions—all of which are under construction—stands to bring China’s
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