China overtakes S Korea as 2nd largest LNG importer in 2017

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According to completed voyage data compiled by S&P Global Platts trade flow software cFlow, China overtook South Korea to become the world’s second-largest Liquefied Natural Gas (LNG) importing country in 2017, Platts reports.

Northeast Asia’s four largest buyers imported a total of 172.28 million mt in 2017, up 12.65% year on year. Chinese imports of LNG in 2017 totaled 37.89 million mt, up 48.4% year on year, while imports by South Korea totaled 36.51 million mt, up 10.81% year on year. Japan retained its position as the world’s top importer, receiving 81.61 million mt in 2017, up 2.28% year on year. Northeast Asia’s fourth-largest importer, Taiwan, imported 11% more in 2017 at 16.27 million mt.

Nigeria Liquefied Natural Gas (NLNG’s) Bonny Island plant has six trains producing a total of 22 million tonnes per year. Through master sale agreements with several companies, LNG volumes are regularly delivered to receiving facilities in Japan, South Korea, Taiwan, China and India among others. NLNG was recently said to be in talks with potential buyers of LNG to replace some of the existing customers whose current contracts will expire by 2022.