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GlobalData: LNG regasification projects will dominate upcoming midstream project starts in China during 2024 – 2028

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LNG Industry,

The LNG regasification segment is set to dominate upcoming oil and gas midstream projects in China, accounting for about 47% of the midstream projects starting between 2024 – 2028, says GlobalData, a leading data and analytics company.

GlobalData’s latest report, ‘Asia-Pacific Oil and Gas Projects by Development Stage, Capacity, Capex, Contractor Details of All New Build and Expansion Projects to 2028’, reveals that 97 midstream projects are expected to start operations in China during 2024 – 2028. Of these, the LNG segment accounts for 46 projects, followed by transmission pipe-lines and oil storage with 20 and 16 projects, respectively.

Bhargavi Gandham, Oil & Gas Analyst at GlobalData, commented: “Despite growing domestic natural gas production, China continues to rely on gas imports, especially LNG imports, to meet its ever-growing gas demand. As a result, there will be a strong growth in LNG regasification terminals in China by 2028.”

Among the upcoming LNG regasification projects in China, Zhoushan III is a key project with a regasification capacity of 341 billion ft3. To be operated by China Petroleum & Chemical Corp., the project is expected to commence operations in 2026.

Bhargavi concluded: “Apart from LNG import terminals, natural gas transmission pipelines and underground gas storage segments are also expected to witness significant project starts in the domestic midstream sector due to the government’s emphasis on increasing natural gas share in the country’s energy mix. This growth aligns with the country's objectives to mitigate carbon emissions by transitioning from coal to gas and becoming carbon neutral.”

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