Asian LNG Demand to Grow
Currently planned regasification capacity expansions in Asia will allow LNG demand to grow towards 2030, said energy consultent Rystad Energy.
Total planned capacity additions is forecasted to reach 700 Mtpa by 2030 driven by expansions in China and India. Asia LNG demand of 392 Mt in 2030 would imply an average utilization rate of 56% if all regasification projects were sanctioned.
The seasonality in East Asian demand will require China to continue its capacity development, while more stable demand in the South and South East Asia can allow the regasification plants to run at a higher utilization rate.
Further regasification expansion is required in the Middle East towards 2030 seeing LNG demand outpacing current and planned capacity driven by Turkey and Bahrain.
Similarly, South and Central America will need new import facilities driven by Chile, Colombia and Argentina. Europe, however, will have excess capacity for increased LNG imports being well positioned to take excess volumes depending on the market tightness.
Overall, the growth in demand will be supported by the large regas capacity which will reach over 1150 Mtpa by 2030.