China National Petroleum Corporation (CNPC), China's largest oil and gas producer and supplier, lost over 5 billon yuan by selling natural gas imports from central Asian countries last year, as the import prices are higher than the domestic sales prices, caijing.com.cn reported Thursday.
Sources from CNPC also said this year's losses will increase and importing one cubic meter of natural gas means a loss of one yuan. Therefore, by 2013, or at latest by 2015, the company may reduce its natural gas imports if the nation does not change the gas pricing mechanism or promote natural gas price reform.
China may face a natural gas oversupply by 2015, considering pipeline gas and LNG imports, the sources added.
