PetroChina plans to import only slightly more natural gas this year than in 2014 due to slower demand growth and higher domestic production, a person with direct knowledge of the matter said.

China’s largest gas producer and importer plans to bring in 40.4 billion cubic metres (bcm) of natural gas in 2015, compared with 39.7 bcm last year, an increase of 1.8 per cent against the 13-per cent growth seen in 2014. China, one of the world’s top five gas users, recorded the slowest demand growth last year in more than a decade for the cleaner-burning fuel, as an easing economy cut into demand from the industrial and transportation sectors.

PetroChina’s procurement plan came after it reported a 35-billion-yuan ($5.65 billion) loss in marketing the imported gas last year as the cost of the mostly pipeline gas from Turkmenistan, and liquefied natural gas (LNG) from Qatar and Yemen, were higher than what the state energy firm could charge at home.

The loss, however, was 6.85 billion yuan ($1.11 billion) smaller than in 2013, PetroChina said its earnings report last week. Imports of LNG, super-chilled gas shipped in ocean tankers, will drop to 4.2 bcm from last year’s 7 bcm, said the source, while pipeline gas imports will grow modestly.

"PetroChina’s gas import business is still losing money. The slower import rise is due to a combination of demand not growing as fast as before and more supplies coming from domestic gas fields," said the source.