KUALA LUMPUR, Malaysia - Global demand for natural gas will likely grow 17 percent over the next five years as Chinese consumption doubles, the International Energy Agency said Tuesday.
China's demand for natural gas should expand 13 percent a year through 2017 while U.S. consumption will probably grow 13 percent by 2017, the Paris-based IEA said. It forecast European demand to increase by 7.9 percent.
"Asia will by far be the fastest growing region, driven primarily by China which will emerge as the third largest gas user by 2013," said the IEA, which is made up of 28 countries, including the U.S. and most European nations.
North American is poised to benefit most from the surge in Asian demand and will likely become a net exporter of liquefied natural gas over the next five years as new projects come on stream, the IEA said. Meanwhile, Asian LNG producers such as Malaysia and Indonesia will become net importers as local demand surges and output declines.
Fact Box
GASSING UP: The International Energy Agency says global demand for natural gas should grow by 17 percent over the next five years as Chinese consumption doubles.
GROWING DEMAND: The IEA thinks China's demand for natural gas should expand by 13 percent a year through 2017, while U.S. consumption will probably grow by 13 percent by 2017. European demand is expected to increase by about 8 percent.
WINNERS: North America should benefit most from the surge in Asian demand, becoming a net exporter of liquefied natural gas over the next five years as new projects come on stream, the IEA said.
The Associated Press