Chinese LNG Imports Climb 15% in 2008, but Drop Dramatically in December
Figures released by the General Administration of Customs in China last week reveal a rise in LNG imports to 3.3 tons in 2008, up from 2.9m tons the year prior. Despite 15% growth over the course of the year, December figures were down 23% from November.
The economic downturn, widely credited for December’s sluggish demand, suggests that 2009 import levels will not surpass those of 2008. Indeed, 2009 figures may even fall short of last year’s, due to the unique conditions that spurred LNG imports in 2008. Precautionary preparation for the Beijing Olympics was a major driver of surging LNG demand in the summer of 2008. Plagued with domestic shortages of natural gas, the Chinese shored up their stockpiles of gas and oil in the lead up to the Olympics.
How could 4,000 LNG-powered buses and cabs Beijing installed on the road and the conversion of burners in several power plants from coal-fired to gas-fired require such an influx, you ask? It did not, which is why China, having made excessive preparations for the Olympics, relaxed in October as the falling numbers suggest.
