Due to other bearish factors, however, China may disappoint exporters.' Callon Petroleum Co., Houston, has agreed to acquire the leasehold interests and related oil, gas, and infrastructure assets of Primexx Energy Partners and its affiliates. We think about China in bullish terms due to its climbing petrochemical demand. China is a microcosm of Asian demand growth. To the contrary, in a year or so we anticipate the LPG market flipping back to surplus. 'Given that the NGL fundamentals are usually shaped by supply, it is striking that we do not foresee a supply crunch that would price ethane or LPG out of the petrochemical feed slate. 'Demand growth for both LPG and ethane will slow,' explains ESAI Energy Principal Andrew Reed. Consequently, global demand for US ethane will grow at a slowing pace. While 2021 is seeing a record increase in deliveries to overseas crackers, export growth will moderate. Separately, ESAI Energy submits that demand for US ethane will decelerate after 2023 due to a relative lack of investment in new ethane crackers in the US. If in the period leading up to 2020 Asian demand grew by more than 100,000 b/d annually, going forward the growth rate will be half that amount. Meanwhile, higher prices and reduced subsidies have slowed growth in India. In the LPG market, fast expansion of the natural gas network in China will roll back household LPG use in that country, according to ESAI Energy. Developments in both China and India will slow the growth of imports to Asia's two biggest LPG markets. Between 20, Asia's LPG import requirement will grow less than 100,000 b/d annually and the global market will flip back to surplus, according to ESAI Energy's newly published Global NGL 5-Year Outlook. NGLs' era of 'peak demand growth' will come to an end by 2025, according to ESAI Energy.

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