A liquified natural gas (LNG) storage facility of the ENN Group Co is under construction in Baoding, Hebei province, China, December 5, 2017. REUTERS/Thomas Peter
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Europe is starting to steal some of the limelight from China's booming liquefied natural gas demand as imports pick up after several lackluster years.China's LNG consumption leaped 42 percent last year to almost match European imports, which climbed 20 percent.The re-emergence of Europe as an LNG market has caught the eye of the coming wave of U.S. fuel producers.While the usage rate of LNG terminals in Europe was just 23 percent last year, things are looking up, according to Arturo Gallego Diaz, head of LNG trading and operations at Centrica Plc.Declining production in the North Sea and the Dutch Groningen field as well as the closing of coal plants in Europe have a "big impact on LNG production" and are "a very big demand surprise," Venture Global LNG Chief Commercial Officer Tom Earl said at Flame.Uniper expects "fairly stable" demand for gas in Europe, while seeing growth in gas-to-power and potentially transport, said Gregor Pett, executive vice president for market analytics.
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