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Gas consumption in China is growing faster than in any other country of the Asia-Pacific region, Gazprom CEO Alexey Miller said on Friday.
He was speaking at the 24th annual general meeting of the International Business Congress, which took place on September 14-17 in a mixed format.
“The Chinese market is the most dynamic and fastest in terms of growth. Every year it simply stuns us with the growth rate of consumption and 2021 is no exception. In the first half of the year, the volume of natural gas consumption in China increased by 15.5%, and the volume of imports by 23.8%. This means that by the end of 2021the forecast estimates of consumption in China will amount to 360 billion cubic meters and the volume of imports will be 160 billion cubic meters, “Miller said.
He added that by 2035, China’s natural gas imports are seen at 300 billion cubic meters per year.
According to Miller, in general, gas consumption in the Asia-Pacific region is expected to grow by 1.5 trillion cubic meters by 2040. Moreover, 60% of this volume will be imported.
“For the Asia-Pacific region, it is very important to ensure that the energy balance of these countries is environmentally friendly. This means that natural gas should play a significant role in it because it is natural gas that is the cleanest, most reliable and accessible natural resource. It Most importantly, in terms of development of technological consumption, it is difficult to find an alternative to it,” Miller added.
