China's Gas Storage Boost: New Companies, Big Investment

Chinas PetroChina and PipeChina are investing heavily in natural gas storage, forming two new companies, Liaohe Gas Storage and Xinjiang Gas Storage, with a combined capital of over $3.62 billion. This move is part of Beijings plan to meet growing energy needs and stabilize supplies. The new companies will focus on storing, moving, producing, and supplying gas, adding nearly 11 billion cubic meters of working gas storage capacity. China has seen significant gains in underground gas storage capacity since 2022, moving up to sixth place globally, and aims to reduce reliance on imported natural gas for reliable, affordable, and secure energy supplies.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.