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08:47, 16-Jan-2018
China's liquefied natural gas price slumps in Jan.
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The price of liquefied natural gas (LNG) in China saw a sharp decline at the beginning of January.
In the first ten days of the year, the price of LNG stood at 5,613.6 yuan (about 869 US dollars) per ton, a slump of 22.6-percent compared with the end of December, data from the National Bureau of Statistics showed on Monday.
The decline followed months of rising LNG prices, driven by demand in northern China as millions of households shifted from burning coal to using gas for heating in winter.
An LNG carrier is received by PetroChina Company Limited in Jiangsu, China on Jan. 15, 2018. /VCG Photo
An LNG carrier is received by PetroChina Company Limited in Jiangsu, China on Jan. 15, 2018. /VCG Photo
The growing appetite for gas pushed domestic LNG prices to a record high of 9,000 yuan a ton on Dec. 1 in some regions, according to an industry report.
To secure the gas supply, China's state-owned oil firms, including China National Petroleum Corporation and China National Offshore Oil Corporation, are maximizing production at domestic gas fields, and the National Development and Reform Commission has urged companies to be self-disciplined in pricing.
The rising demand has prompted state oil companies to look overseas for new gas sources. Sinopec will take the lead in exploration of LNG in Alaska, according to a deal signed during US President Donald Trump's visit to China last year.
Source(s): Xinhua News Agency