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UpstreamOnline: China cautious on LNG purchases

By Upstream staff

China appears to be holding back on its plans to buy more liquefied natural gas because of rising prices, Royal Dutch Shell executive Peter de Wit said today.

“Prices for LNG have gone up a lot and I think there is rethinking on the Chinese side to see how much and what time LNG imports are needed,” said de Wit, executive vice president for global business at Shell Gas and Power International.

“They are building terminals and they are planning [new] terminals, but the pace of terminal development has been slower than had been anticipated and had been announced by the Chinese authorities some years ago,” he said.

De Wit, speaking on the sidelines of the 12th Asia Oil and Gas Conference in Kuala Lumpur struck a positive note for the longer term, however.

“I think in time there will be a very strong LNG market. Any supplier is interested in selling into the Chinese market,” he said.

Earlier, De Wit told the conference that LNG demand in Asia is expected to grow by 7% annually in coming years, Dow Jones Newswires reported.

http://www.upstreamonline.com/incoming/article135197.ece

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