The report shows that in 2018, China's crude oil processing volume and apparent consumption of oil both exceeded 600 million tons, and its dependence on foreign oil approached 70%. Natural gas consumption continued to maintain strong growth. After becoming the world's largest crude oil importer in 2017, China surpassed Japan in 2018 to become the world's largest natural gas importer.
In 2018, China's net crude oil imports reached 460 million tons, an increase of 10.9% compared to the previous year, and its dependence on foreign oil increased to 69.8%; Imported natural gas reached 90.385 million tons, a significant increase of 31.9% year-on-year, and the external dependence increased to 45.3%.
Dong Xiucheng, editor of the Blue Book of Analysis and Outlook Report on the Development of China's Oil and Gas Industry, stated that China has become the world's largest importer of natural gas, which is also an important milestone in the development of the energy sector in 2018. Dong Xiucheng predicts that this trend will continue in 2019, especially with the pressure of domestic environmental protection and the demand for source structure adjustment. The large-scale development of natural gas will still be the mainstream.
The report introduces that in 2018, China's large-scale projects such as Yamal LNG (liquefied natural gas) in Russia progressed smoothly, and in 2019, the China Russia natural gas eastern route is about to be completed.
The report predicts that in 2019, China's natural gas imports will be about 143 billion cubic meters, and its dependence on foreign natural gas will further increase to 46.4%. Natural gas and non fossil energy will become the "two horses" driving China's energy structure transformation this year.