China becomes the world's second largest LNG importer

In 2017, LNG exports to China increased by 50%. This country has become the second largest importer of this raw material in the world. The country bought over 38 million tons of liquefied gas abroad. This means that China has overtaken South Korea (37 million tons) to become the second largest importer of LNG in the world. Japan imports the most - 83.5 million tons in 2017.

Three key Asian economies provided 60% of the global demand for liquefied gas. The Chinese appetite for LNG will not stop, because in the new year, Chinese demand will be 230 bcm. According to expert reports, in 2040, China's gas demand will reach 600 billion m3.

The main supplier of raw materials is currently Turkmenistan, but Russia is already ready for the Chinese market. At the end of 2019, Gazprom is to start transporting gas through the Power of Siberia pipeline. It will be 38 bcm per year for 30 years based on a contract signed in 2014.