Australia's fast-expanding liquefied natural gas industry has this year bee...
SINGAPORE - Australia’s fast-expanding liquefied natural gas industry has this year been supplying the lion’s share of China’s growing demand for imports of the commodity, with appetite surging as Beijing shifts away from dirtier fuels such as coal.
With Royal Dutch Shell’s Prelude facility delivering its first LNG cargo this week from northwest Australia, that share is likely to increase further. The export surge means Australia is well ahead of China’s traditional main suppliers of gas such as Malaysia, Qatar and Indonesia, as well as newer exporter the United States.
With production surging across the world, the Asian LNG market has become oversupplied just as demand stutters from traditional buyers like Japan, resulting in a 60% plunge in prices since last year to near record lows of just over $4 per million British thermal units.China’s natural gas consumption has surged amid a gasification program that is shifting millions of households and a large number of factories to natural gas from coal. Global LNG producers are keen to meet that demand.
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