China would consume 192 billion cu meters of natural gas in 2015 with 10 billion cubic meters to be oversupplied, according to CNPC Economics and Technology Research Institute (ETRI).
With natural gas consumption expansion diving, China confronts with risk of oversupply in resources, said a report by Economic Information Daily on Monday citing industry experts.
China needs at least 15 billion cubic meters of incremental natural gas consumption to digest increasing natural gas imports in the coming few years, according to ETRI. "In the first three quarters of 2015, Chinese natural gas consumption only expanded 2.5 percent year on year", said Wang Haibo, an researcher with ETRI citing double-digit growth of natural gas consumption until 2013.
Chinese natural gas industry faces severe challenges amid slowing growth in Asian oil and gas demand as well as new normal in Chinese economic growth, said Qian Xingkun, vice president of ETRI.
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