China's new five-year plan targets 200 million tonnes of LNG terminal capacity and 114 billion cubic metres of pipeline capacity by 2030. The plan calls for reaching peak oil consumption, possibly this year, even as it ramps up domestic oil production and gas storage.
China's energy strategy has largely shielded it from the fallout of the war in Iran and the resultant closure of the Strait of Hormuz, a vital artery for global oil and gas trade.
Released to the public on Monday by the National Development and Reform Commission and the National Energy Administration, the newest five-year plan focuses on building up China's strategic reserves of natural gas as well as its ability to import increasing volumes of the fossil fuel.
Specifically, the plan targets 200 million tonnes of terminal capacity, 114 billion cubic metres of pipeline capacity, and ensuring that natural gas storage capacity outpaces national consumption by 13 percent, all as of the year 2030.
