What's in store for China's gas storage? Report

Insight 21 May 2020

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Report summary

In April, China’s National Development and Reform Commission (NDRC) issued a new policy document with five key guidelines to accelerate gas storage development. The new policy aims to clear the regulatory and economic obstacles blocking storage capacity growth, and guide the infrastructure layout with priorities given to large-scale projects. It also provides more subsidies and clearer regulatory support to attract new investors. However, effective implementation of the new plan still depends greatly on the progress of the upstream opening up, midstream reform and downstream pricing deregulation.

Executive summary
- What is the status of China’s gas storage?
- What are the key pain points?
- How will the storage landscape change if the policy is effectively implemented?
- Can China hit its storage targets?
- What are the risks?

Tables and charts

This report includes the following images and tables:

China’s working storage capacity in 2015-19
Working gas storage capacity vs gas demand in 2019
Capex per unit vs scale and depth of a selection of underground storage facilities in China

2025 China gas storage capacity outlook
Appendix 1: China’s gas storage projects – underground facilities and LNG terminals
Appendix 2: China’s gas storage policies