22 Oct 2019
Posted in Oil & Gas
Kuwait Petroleum leads global new-build LNG regasification capacity additions by 2023
Kuwait Petroleum Corp is expected to account for 8% capacity share in the global liquefied natural gas (LNG) regasification industry from new-build (planned and announced) projects between 2019 and 2023, according to GlobalData, a leading data and analytics company.
The company’s report, ‘H2 2019 Global Capacity and Capital Expenditure Outlook for LNG Regasification Terminals – India Continues to Dominate Global Regasification Capacity Additions and Capex Spending’, reveals that Kuwait Petroleum Corp has the highest LNG regasification capacity additions globally among companies with 1.2 trillion cubic feet (tcf) by 2023.
Adithya Rekha, Oil and Gas Analyst at GlobalData, explains: “The entire regasification capacity additions of Kuwait Petroleum Corp comes from the proposed Al-Zour LNG regasification terminal in Kuwait. This planned offshore terminal is expected to start operations in 2020 with a capacity of 1.2 tcf.”
After Kuwait Petroleum, Hiranandani Group is the second highest company globally in terms of regasification capacity additions by 2023. The company is expected to add 717 billion cubic feet (bcf) of regasification capacity through five terminals by 2023. Of this total capacity, 449 bcf is expected to come from three planned projects while 268 bcf comes from two early-stage announced projects.
Rekha concludes: “Mitsubishi Corp closely follows Hiranandani Group with the third highest global regasification capacity additions of 709 bcf through three planned and announced regasification terminals by 2023.”