13 Jul 2020
Posted in Oil & Gas
China and India lead Asia’s regasification capacity additions by 2024, says GlobalData
China and India are expected to dominate Asia’s liquefied natural gas (LNG) regasification capacity additions, contributing nearly 60% of the regions’ total regasification capacity additions between 2020 and 2024, says GlobalData, a leading data and analytics company.
The company’s report, ‘Global Capacity and Capital Expenditure Outlook for LNG Regasification Terminals, 2020–2024 – China Spearheads Global Regasification Capacity Additions and Capex Spending, reveals that China is expected to develop a new-build regasification capacity of 4,117 billion cubic feet (bcf) by 2024, while expansion projects account for the remaining 229 bcf.
Haseeb Ahmed, Oil and Gas Analyst at GlobalData, comments: “In China, 19 new-build LNG regasification terminals are likely to start operations by 2024 out of which 14 are planned with identified development plans and the remaining five are early-stage announced terminals. Tangshan II is the largest LNG regasification terminal with a capacity of 584 bcf, followed by Zhoushan III and Hebei with capacity of 341 bcf each.”
GlobalData expects India to be the second-highest contributor to the Asia’s LNG regasification capacity additions during the outlook period with capacity of 2,511 bcf by 2024. The country has 11 planned and four announced LNG regasification terminals expected to come online by 2024. The Karwar Floating is the largest terminal in the country with a capacity of 365 bcf followed by Yanam with 268 bcf.
Pakistan and Vietnam are expected to add a total of 1,697 bcf and 645 bcf of LNG regasification capacity by 2024, respectively. The countries are expected to have a total of six and three upcoming projects each by 2024, respectively. Thailand has two upcoming terminals – Nong Fab and Gulf of Thailand Floating – with a total capacity of 609 bcf during the outlook period.