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(Yicai Global) Jan. 23 -- China has enough liquified natural gas to get through the peak demand season of winter, according to a government policy planner. Stable supplies correlate with steady pricing, it added.
The reserves of LNG are enough for winter due to good preparation, Meng Wei, the spokesperson for the China National Development and Reform Commission, said in a press release yesterday. Sources are also diversifying.
The market price for LNG has been steady over this year, and the relationship between supply and demand has been better than expected, the NDRC added. The average natural gas volume has been nearly 100 million cubic meters per day. Domestic gas fields have been running at high capacity with the daily average output increasing by nearly 20 million cubic meters each year.
China has actively encouraged the use of natural gas to replace coal in recent years to reduce the worsening air pollution. The surge in demand has led to a large shortage of natural gas supplies between 2017 and 2018, with rising prices. This winter, shortages have decreased, which shows that the government's measures to tackle the issue have been effective, according to Meng.
The NDRC and National Energy Administration will work with relevant parties to improve the allocation of resources, enforce safety, as well as crack down on market bullies in order to ensure a stable supply of natural gas before and during Chinese New Year, according to the macroeconomic planner. The Spring Festival falls on the second week of February this year.
The demand has already surged. The number of days with a daily gas supply exceeding 1 billion cubic meters has been 18 days so far this year. The highest daily supply volume was 1 billion cubic meters, which continued for two consecutive days. China's gas consumption this winter has exceeded 60 billion cubic meters, up more than 15 percent annually, Meng added.
Editor: Emmi Laine