【中信期货】中国天然气市场介绍（二）LNG主流进口国家-260324（24页）.pdf

1、重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人投资建议。我司不会因为关注、收到或阅读本报告内容而视重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户。相关人员为客户。This report is not a service under the futures trading consulting business.The opinions and information provided are for reference only and do n

2、ot constitute investment advice to anyone.CITIC Futures will not consider relevant personnel as customers due to their attention,receipt,or reading of this report.Investment consulting business qualification：CSRC License 2012 No.669 投资咨询业务资格：证监许可【2012】669 号 中信期货国际化研究中信期货国际化研究|CITIC Futures Internati

3、onal Research 2026-03-24 China Natural Gas Market(II)LNG Import From Major Countries 中国天然气中国天然气市场市场介绍（二）介绍（二）LNG 主流进口国家主流进口国家 Abstract 摘要摘要 Since 2022,Australia,Qatar,and Russia have consistently ranked as Chinas top three LNG suppliers,accounting for around 70%of total imports.Qatar is Chinas major

4、 LNG sources,with over 90%of trade under long-term contracts,dominated by the three major oil and gas companies(combined share over 80%).Its LNG price is mainly linked to oil prices and correlated with JKM.2025 imports rose year-on-year,with a 95%long-term contract execution rate;2026 supply to Chin

5、a may increase by around 2.6 million tonnes if new projects are on schedule.Australia is another major LNG source for China,with 2025 imports dropping 21.8%year-on-year.Its LNG price links to oil prices,with higher spot share than Qatar.2025 long-term contracts still accounted for over 50%;2026 impo

6、rts may recover with lower costs but lack advantage over Russian gas.Russia is also an important LNG source for China,with 2025 imports up 18.7%year-on-year.Its exports to China are 60%spot,with more diversified importers.Due to Europes ban,much Russian LNG will divert to Asia(China as primary desti