China's liquefied natural gas price slumps in Jan.

Updated 2018-01-16 10:37:01 Xinhua

The price of liquefied natural gas (LNG) in China saw sharp decline at the beginning of January.

In the first ten days of January, the price of LNG stood at 5,613.6 yuan (about 869 U.S. dollars) per tonne, a slump of 22.6-percent compared with the end of December, data from the National Bureau of Statistics showed Monday.

The decline followed months of rising LNG prices, driven by demand in northern China as millions of households shift from burning coal to using gas for heating in winter.

The growing appetite for gas pushed domestic LNG prices to a record high of 9,000 yuan a tonne on Dec. 1 in some regions, according to an industry report.

To secure the gas supply, China's state-owned oil firms, including China National Petroleum Corporation and China National Offshore Oil Corporation, are maximizing production at domestic gas fields, and the National Development and Reform Commission has urged companies to be self-disciplined in pricing.

The rising demand has prompted state oil companies to look overseas for new gas sources. Sinopec will take the lead in exploration of liquified natural gas (LNG) in Alaska, according to a deal signed during U.S. President Donald Trump's visit to China last year.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 15 2018 16:39:55

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 15 2018 16:39:55

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 15 2018 16:39:55

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords