As the consumption of natural gas in China grows, the country is set to become the largest importer by next year, with liquid natural gas (LNG) as its main import. The consumption of natural gas is expected to keep rising, with imports reaching 171 billion cubic meters in 2023.

This result was announced during a recent release conference of the IEA Market Report Series: GAS 2018, held by the International Energy Agency along with the Shanghai Petroleum and Natural Gas Exchange.

China and India have the fastest growth of liquid natural gas consumption, with China now ranking in second place after overtaking Korea recently.

Zhang Yuqing, the former deputy director of the National Energy Administration said “China has stated clearly that it will make natural gas a main source of energy. The speed of energy structure adjustment needs to be accelerated in order to construct a clean and low-carbon energy system. China plans to make natural gas 10 percent of its total energy consumption by 2020.”

Zhang said that when it comes to boosting the usage of natural gas, China’s main concerns are the stability of gas sources and pricing, but also the competitiveness of alternative fuel.