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China targets larger LNG reserves under new five-year energy plan
The plan calls for 200 million tonnes of LNG terminal capacity and 114 billion cubic metres of pipeline capacity by 2030.
China’s National Development and Reform Commission and National Energy Administration released a new five-year oil and gas plan that emphasizes strengthening energy security amid geopolitical risk and continued reliance on imported fuels, according to OilPrice.
The strategy focuses on expanding China’s strategic natural gas reserves, including building out overland and coastal import capacity for liquefied natural gas and increasing LNG storage, with targets set for the year 2030.
The plan calls for 200 million tonnes of LNG terminal capacity, 114 billion cubic metres of pipeline capacity, and natural gas storage capacity that stays 13.0% ahead of national consumption by 2030.
Alongside the storage and import buildout, the plan also outlines a ramp up of domestic oil production, OilPrice said, pointing to ongoing concerns about energy supply even after prior efforts to create strategic fossil fuel stockpiles.
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