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30

Insatiable China Will Import Gas More and More

China's demand for natural gas is expected to rise about 12 percent a year

China will likely to import almost half its liquefied natural gas by 2020, said the head of the China National Offshore Oil Corp. on the said Asia Pacific Business Forum.

Fu Chengyu, general manager of the CNOOC, told that importing natural gas will cost China $60 billion a year.

China's demand for natural gas is expected to rise about 12 percent a year for the next 15 years, outstripping proven reserves, and reaching around 1 trillion barrels by 2020.

The head of CNOOC predicts that a total of 49 percent of the country's natural gas will come from imports, including 10 percent via a pipeline from Russia and Central Asia.