Latest news with #WorldGasConference
Bloomberg
23-05-2025
- Business
- Bloomberg
Big Gas Cheered by Evidence Chinese Demand Remains Strong
Welcome to our guide to the commodities markets powering the global economy. Today, energy reporter Dan Murtaugh takes the pulse of the gas world at a major industry conference in Beijing. China greeted global energy giants at the World Gas Conference in Beijing this week with a most welcome gift — tangible evidence that demand from the world's largest importer is still strong.
The Star
23-05-2025
- Business
- The Star
China's LNG traders emerge as worldwide swing suppliers
PetroChina Co, the country's top gas supplier, is looking for upstream stakes in liquefied natural gas export projects. — Bloomberg BEIJING: Chinese gas firms are taking advantage of diverse supply sources and a flexible power generation system to lean into the role of global swing suppliers. PetroChina Co, the country's top gas supplier, is looking for upstream stakes in liquefied natural gas (LNG) export projects or flexible purchase agreements to help turn from a buyer in overseas markets into a bigger trader, said Wang Haiyan, deputy general manager at the firm's trading arm. The company is looking to build its LNG portfolio to 35 million tonnes by 2030, a jump of 75% from now, he said during a recent panel discussion at the World Gas Conference in Beijing. For China, it's a kind of role reversal. Asia used to be the main source of demand and price-setting, while European nations acted as a sink, sopping up shipments in the event of a glut. That changed after Russian pipeline gas flows to the continent were drastically cut following its invasion of Ukraine. 'The balancing role that used to be played by the European market has become China's role,' said Zhu Yanyan, general manager for the trading and commodities center at a unit of Cnooc Ltd, the country's largest LNG importer. 'The reason is quite simple – because China is well supplied with multiple resources.' For example, Zhu said, China reduced LNG imports by about 20% in the first quarter as it redirected cargoes to Europe, where gas prices were soaring. China made up about 75% of that gap with increased domestic production and pipeline imports, Zhu said. The Asian nation has also boosted clean energy generation after installing a record number of wind turbines and solar panels, giving its gas power plants more flexibility to reduce electricity generation, Zhu said. Other major gas demand sectors, such as factories, transport and home-heating, are less flexible. Part of the shift for China is also the pursuit of profits. Sometimes it doesn't make economic sense to bring LNG shipments into the domestic market when they can be resold for higher prices overseas. China's gas imports have fallen in 2025, a decline centred on seaborne shipments of LNG that slumped 22% through April from the previous year. Demand for LNG – the fuel carried in super-chilled tankers – is headed for its first annual drop since the height of the pandemic, just as new export projects are slated to come online, led by the shale gas fields of the United States. — Bloomberg
Qatar Tribune
23-05-2025
- Business
- Qatar Tribune
Kaabi meets with senior executives of Chinese energy firms
Minister of State for Energy Affairs and President and CEO of QatarEnergy HE Saad Sherida Al Kaabi held cooperation talks with senior executives of major Chinese energy companies on the sidelines of the World Gas Conference in Beijing. Minister Al Kaabi met separately with DAI Houliang, chairman of China National Petroleum Corp (CNPC), ZHOU Xinhuai, president of China National Offshore Oil Corporation (CNOOC), and MA Yongsheng, chairman of China Petroleum & Chemical Corporation (Sinopec). Discussions during the three meetings focused on strengthening existing and future cooperation and bilateral relations in the energy sector. The minister was accompanied during the meetings by a high-level delegation.
Qatar Tribune
21-05-2025
- Business
- Qatar Tribune
Gas to remain backbone of global growth for next century: Al Kaabi
Tribune News Network Doha Minister of State for Energy Affairs and QatarEnergy President and CEO HE Saad Sherida Al Kaabi has emphasised that sustainable economic growth across the globe is not possible without fuel, underscoring natural gas as the most reliable, affordable, and widely accessible option. Speaking during a leadership dialogue at the World Gas Conference (WGC) in Beijing, Al Kaabi reiterated that while a diverse energy mix is essential, natural gas will continue to serve as the backbone of global economic development. 'We need all kinds of fuels and a wide energy mix,' he stated, 'but gas stands out as the best source—reliable, affordable, and available to most countries. It is here to stay for the next century.' Al Kaabi emphasised that each country's energy mix will differ based on local conditions and intermittency factors—such as when the sun does not shine, the wind does not blow, or the rain does not fall. 'For us in Qatar,' he said, 'we have plenty of sunshine, and today we meet 15 percent of our electricity demand from solar power. We are working to double that to 30 percent.' Addressing a question on net-zero emissions as an environmental target, Al Kaabi noted that while many countries and companies have announced commitments to achieve net-zero by 2050, it has become evident that many are now reconsidering those goals. 'People are realising that it is very difficult to achieve net-zero by 2050 without a real, actionable plan—and without taking into account their energy needs and economic development requirements,' he said. He pointed out that Qatar and QatarEnergy were among the few who were transparent from the outset, openly stating that they would not be able to meet net-zero targets by 2050 under current conditions. Speaking on the progress of Qatar's North Field expansion, Al Kaabi said, 'We will begin operations of the first LNG train from the North Field East development — which has a production capacity of 32 million tonnes per annum — by mid next year.' 'Subsequent trains will follow thereafter. As for the North Field West project, it is currently in the engineering phase and is expected to enter the construction phase around 2027.' Highlighting the scale of the expansion, Al Kaabi stated, 'We will more than double our LNG production — from the current 77 million tonnes to 160 million tonnes annually. This includes output from our Golden Pass project in Texas, which is expected to come online later this year.' He further noted, 'QatarEnergy will become the world's largest LNG exporter as a single company, while Qatar will remain the second-largest LNG-exporting nation after the United States for the foreseeable future. We are committed to playing a major role in supporting global economic growth by supplying the cleanest fossil fuel available.' Al Kaabi revealed that the company is significantly expanding its footprint in the petrochemical sector, with major projects underway in both the United States and Qatar. 'QatarEnergy is doubling its production capacity across several segments of the petrochemical industry,' he said. 'We are building the world's largest ethane cracker in the United States, expected to begin production in the first quarter of 2027. At the same time, we are constructing the largest ethane cracker in the MENA region in Ras Laffan, which is also set to commence operations in early 2027,' he said. Describing the scale of the investment, Al Kaabi noted, 'Together, these two projects represent the largest single investment by one company, undertaken in partnership with our long-standing collaborators at CPChem.' On the strategic energy relationship with China, he highlighted China's rapid economic growth and ambitious energy transition efforts. 'China's growth is tremendous,' he said. 'They are developing a well-balanced energy mix, and their progress in renewable energy has far exceeded expectations. They are also incorporating more natural gas into their energy portfolio.' Hughlighting China's importance as a key partner for QatarEnergy, Al Kaabi said, 'China is our largest LNG buyer and a strategic partner in our North Field East (NFE) and North Field South (NFS) expansion projects. In addition, a significant portion of our historic LNG shipbuilding programme is being executed in Chinese shipyards.' World Gas Conference, the premier global forum for the gas and energy industry, is being held for the first time in China under the theme 'Energizing a Sustainable Future.'
Qatar Tribune
21-05-2025
- Business
- Qatar Tribune
Economic growth worldwide cannot be achieved without fuel: Al Kaabi
BEIJING: Minister of State for Energy Affairs, and President and CEO of QatarEnergy HE Saad bin Sherida Al Kaabi has said that economic growth anywhere in the world cannot happen without fuel, adding that 'gas is the best source for fuel - that is reliable, affordable, and available to most countries'. Speaking at a leadership dialogue held during the World Gas Conference (WGC) in Beijing, Minister Al Kaabi reaffirmed that while we need all kinds of fuels and a wide energy mix, gas will be the backbone of growth in all economies, and it is here to stay for the next century. Minister Al Kaabi said each country will have a different energy mix than the other, depending on intermittency variables such as when the sun does not shine, or when the wind does not blow, or when the rain does not fall. "For us in Qatar," he added, "we have plenty of sunshine and today we are meeting 15 percent of our electricity demand from solar power, and we are working to double that to 30 percent." Answering a question on the net-zero as an environmental target, Minister Al Kaabi stated that while many countries and companies announced commitment to net-zero, it is clear now that many are backtracking as people realize it is very difficult to achieve net-zero by 2050 without a real plan and without consideration to their needs for energy and for economic growth. He said: "The State of Qatar and QatarEnergy were amongst the very few countries and companies who said they would not be able to meet net zero." Speaking on the progress of Qatar's North Field expansion, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: "We will be starting the first LNG train from the North Field East development which has a 32 million ton per annum LNG production capacity by mid next year. Subsequently, other trains will come online after that. As for North Field West, it is in the engineering phase and will be going into the construction phase somewhere in 2027. We will more than double of LNG production from the current 77 million tons to 160 million including production from our Golden Pass project in Texas, which will come online later this year." "QatarEnergy will be the largest single LNG exporter as a company. While Qatar, as a country, will be the second largest exporter of LNG after the United States for a very long time," Minister Al Kaabi said. "We will play a very big role in helping economies around the world to flourish and to grow, with the cleanest fossil fuel available." Minister Al Kaabi said QatarEnergy was doubling its production capacity in many parts of the petrochemical industry and is building the world's largest ethane cracker in the United States, which is expected to start production in the first quarter of 2027; and the largest ethane cracker in the MENA region that is being built in Ras Laffan and is also expected to begin production in early 2027. "So, between these two projects, this is the largest single investment by one company with CPChem, our good partners in both projects," the Minister added. On relations with China and the role it plays in the energy industry, he said: "China's growth is tremendous. They are creating a good energy mix and their ambition for renewables has far surpassed their plans. They are adding gas to their growth requirements. China is our biggest buyer of LNG and a partner in our NFE and NFS expansion. We are also building a large number of ships in China as part of our historic LNG shipbuilding program." The World Gas Conference is the premier gathering of the global gas and energy industry. Themed 'Energizing a Sustainable Future', WGC2025 marks the first time it is held in China. Taking place in Beijing from May 19 to 23, the Conference is expected to attract unprecedented participation, with over 30,000 attendees from 70 countries and 300 exhibitors, domestic and international, making the Conference a unique opportunity to engage with emerging and established markets globally.
