China’s PetroChina and PipeChina establish two gas storage companies to expand capacity and stabilize energy supply. Liaohe Gas Storage and Xinjiang Gas Storage have a combined capital of $3.62 billion. PetroChina aims to acquire assets to add 11 bcm of working gas storage capacity, enhancing its infrastructure.

China leads in underground gas storage capacity growth globally, adding 6 bcm since 2022. The country views gas as a bridge fuel and protection against volatile LNG prices. By expanding storage, China aims to reduce reliance on imported LNG during price swings, enhancing supply security.

Beijing’s focus on expanding gas storage aims to bolster reliability and security amidst global market fluctuations. China’s first underground salt cavern gas storage facility enhances resilience to winter demand spikes. The growing storage capacity underlines China’s commitment to ensuring energy reliability and affordability in a changing market landscape.

Read more at Yahoo Finance: PetroChina and PipeChina Launch $3.6 Billion Gas Storage Joint Ventures