Zinc is a metal that…
OPEC is on the brink…
A port city in China is set to receive the second shipment of shale gas from the United States, according to a new report by Bloomberg.
Shipping data collected by Bloomberg shows that Ningbo, located on China’s eastern coast, will receive the cargo just months after Shenzhen received American liquefied natural gas (LNG) in a tanker that began its journey in a brand new shipping terminal in Louisiana.
China has upped its LNG imports by 20 percent during the first three-quarters of 2016, compared to the same period last year, Timera Energy said. The jump has been caused by low gas prices, which has led the government to seek out new contracts for the procurement of the carbon emission-conservative fossil fuel.
During the United Nations-led Climate Change talks in Marrakesh earlier this month, China confirmed its commitment to abandoning coal – a potent polluter - and increasing its utilization of natural gas to power its developing economy.
Current infrastructural projects demonstrate the country’s natural gas embrace. Of the 20 new LNG import terminals to be constructed around the world over the next three years, 10 will be located in China, according to a report from the International Gas Union.
On the American side, booming shale gas production has the North American country on track to export a record number of natural gas shipments in November. Nine shipments of LNG will depart from the Sabine Pass terminal by the end of this month.
President-elect Donald Trump promised during his campaign to revive the coal industry in the US, but receding demand from China – the world’s largest coal consumer - means the commodity’s decline is swiftly approaching.
Lifting moratoriums on drilling in federal lands – which Trump has promised to do – will benefit the natural gas industry as American businesses and utility companies have already begun to shift to the greener fossil fuel.
By Zainab Calcuttawala for Oilprice.com
More Top Reads From Oilprice.com:
Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…