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Whether it is PNG or LNG, gas source is the core competitiveness.

Author | Xiao Se

Editor | Xiaobai

According to the different modes of transportation, natural gas can be mainly divided into two categories: pipeline natural gas (PNG) and liquefied natural gas (LNG). The former is transported directly through pipelines, while the latter is to cool and liquefy the natural gas and then transport it via LNG ships or tank trucks.

In terms of transportation stability, PNG is undoubtedly a better mode of transportation. Fengyunjun has also studied related targets.

(Source: Market Capitalization APP)

However, since a large amount of capital is required initially to lay pipelines, once the transportation distance is too long, the economic efficiency of PNG is inferior to LNG.

Coupled with the advantage of more flexible transportation routes, LNG has gradually become the mainstream transportation mode for international natural gas trade since its advent, accounting for nearly 60% of the global total imports and exports in 2022.

Due to the overall shortage of natural gas resources in my country, not only is the country's external dependence high, with more than 40% of demand having to be met through imports, but there is also an obvious regional mismatch between supply and demand.

LNG imports are particularly important for the southeastern coastal provinces that are short of gas resources.

Our protagonist today is an import LNG operator with deep roots in South China. It also recently released its performance forecast, with net profit attributable to shareholders expected to increase by 40%-50% in the first half of 2024.