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Recently Released Market Study: Hong Kong Oil & Gas Report Q1 2014

New Energy research report from Business Monitor International is now available from Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 12/25/2013 -- With no domestic energy resources, Hong Kong faces the challenge of meeting growing oil and gas demand through imports alone. Having mainland China at its doorstep helps, as the outlook for Hong Kong is linked directly to that of its parent state.

The main trends and developments we highlight for Hong Kong's oil and gas sector are:

- Natural gas is still viewed simply as a power generation fuel, but more will be consumed as gas-fired capacity expands. Our forecasts are for gas consumption to rise from a forecast 3.9bcm in 2014 to 4.5bcm in 2018 and to 5.3bcm by 2022.
- The Shenzhen-Hong Kong gas pipeline was commissioned in December 2012 and is now fully operational. The completion of the Hong Kong spur will help to diversify the city's gas import sources as well as improve its access to gas.
- The rate of refined oil products demand growth and imports should match underlying GDP trends closely, although a drive towards energy conservation may lead to a moderation in market expansion. This suggests that demand will rise from a forecasted 353,000b/d in 2014 to 437,400b/d by 2018 and to a possible 513,000b/d by 2022. All of this oil will be imported.
- The cost of refined petroleum product imports is put at US$13.1bn in 2014, rising to US$14.8bn in 2017 and to US$18.0bn by 2022. Hong Kong actually imports refined petroleum products, meaning that the total import bill is far higher than for crude alone. Natural gas imports in 2014 will cost an estimated US $1.95bn, and will total US$2.51bn by 2022. At the time of writing we assumed an OPEC basket oil price of US$101.80/bbl in 2014.

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