The Strategist

Chinese CNPC to invest $7.3 bln in gas storage facilities

07/11/2019 - 11:09

By 2030 China National Petroleum Corporation (CNPC) will invest more than ¥50 billion (about $7.26 billion) in the construction of 23 new and expansion of 10 existing gas storage facilities, the China Daily reported.

Mario Roberto Duran Ortiz
Mario Roberto Duran Ortiz
Total capacity of the facilities planned for construction will exceed 15 billion cubic meters. The corporation will also build 11 regional gas storage facilities in China for uninterrupted supply to consumers in the winter period.

As the newspaper notes, at present, CNPC is the operator of 23 of 26 underground gas storage facilities, and the company plans to maintain the leadership in the sector.

According to the State Committee for Development and Reform of China, in 2018 gas consumption in China was 280.3 billion cubic meters, and the annual growth rate of this indicator accelerated to 18.1% against 15.3% in 2017. The total capacity of 26 gas storage facilities operating in the country is 8 billion cubic meters, which is only 3% of annual consumption.

To combat environmental pollution, the government is currently taking measures to increase the share of gas in China’s energy balance: by 2020, the share of this type of fuel is planned to reach 10%, and by 2030 - 15%.


< >

Tuesday, June 25th 2024 - 11:34 Reuters learns of Shein's IPO filing in London