GlobalData: Asia to dominate global LNG regasification capacity additions
Published by Bella Weetch,
Editorial Assistant
Hydrocarbon Engineering,
Asia will continue to dominate the global LNG regasification capacity additions, contributing about 70% of the total capacity additions between 2023 and 2027, according to GlobalData.
GlobalData’s latest report, ‘LNG Regasification Terminals Capacity and Capital Expenditure (CapEx) Forecast by Region, Key Countries, Companies and Projects (New Build, Expansion, Planned and Announced), 2023 – 2027’, reveals that Asia is expected to witness the highest capacity additions globally, by gaining a total capacity of 22.7 trillion ft3 from new build and expansion projects during the outlook period.
Bhargavi Gandham, Oil & Gas Analyst at GlobalData, comments: “India and China will primarily drive the LNG regasification additions in Asia through 2027, accounting for nearly 56% of the total capacity additions by 2027. Growing gas demand from both domestic and industrial sectors and the energy transition targets will be the key drivers of regasification capacity additions in these countries.”
China will dominate LNG regasification additions in Asia, accounting for nearly 34% of the total capacity additions by 2027. Zhoushan II and Tangshan II are the largest upcoming projects in the country, with a capacity of 584.4 billion ft3 each.
GlobalData identifies India as the second highest contributor to the Asia LNG regasification capacity additions, accounting for about 22% of the capacity additions by 2027. Jafrabad Floating in the state of Gujarat will be the main driver of the LNG regasification capacity additions in the country, with a capacity of 487.0 billion ft3 by 2027.
Bhargavi concludes: “The Philippines ranks third in Asia, contributing about 10% of the region’s LNG regasification capacity additions during the outlook period. Santa Rita in Bataan is the largest upcoming regasification terminal in the country with a capacity of 256.2 billion ft3 by 2027.”
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/09062023/globaldata-asia-to-dominate-global-lng-regasification-capacity-additions/
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