China's Natural Gas Import Increased in Jan-Oct 2014 (Summary)
(China Customs)
According to China customs statistics, from January to October this year, China's natural gas import totaled 34.865 million tons, an increase of 13.5% over last year (YOY); worth CNY 118.94 billion, up 17% YOY; average import price at 3411.4 yuan per ton, up 3% YOY. There in October, the import reached 3.377 million tons, up 5.9% YOY; worth 11.61 billion yuan, up 26.7% YOY; average import price at 3437.3 yuan per ton, up 19.6% YOY.

Main Causes of the Gas Import Increase:

(1) Domestic gas supply gap increased imports.

(2) Import diversification promoted the imports.

Considerable Problems:

(1) China is in a dilemma of shale gas development.

(2) China's gas storage facilities are outdated.

(3) China and Russia have signed gas supply large orders to improve the security of gas supply.

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