Asia is expected to account for the highest global LNG regasification capacity increases.
The region is forecast to contribute about 69% of the total regasification capacity additions by 2024, according to a report from GlobalData.
This report, ‘Global Capacity and Capital Expenditure Outlook for LNG Regasification Terminals, 2020–2024 – China Spearheads Global Regasification Capacity Additions and Capex Spending’, revealed that Asia is likely to see total regasification capacity additions of 11.1 trill cu ft by 2024. Out of this total, planned projects capacity that had received the necessary development approvals accounted for nearly 7.9 trill cu ft.
Haseeb Ahmed, GlobalData’s Oil and Gas Analyst, commented: “Asia is expected to witness the start of operations of 53 newbuild LNG regasification terminals by 2024. Out of these, 39 are planned and the remaining 14 are announced terminals. China’s Tangshan II is the largest upcoming LNG regasification terminal with a capacity of 584 bill cu ft by 2024, followed by Son My II with a capacity of 450 bill.”
Europe was identified as the second highest contributor to global LNG regasification capacity additions contributing around 10% by 2024.
In Europe, there are seven planned and three announced projects. Germany’s Wilhelmshaven FSRU and Brunsbuttel are two of the largest forthcoming terminals with a capacity of 353 bill cu ft and 282 bill, respectively. Spain’s El Musel is the third largest terminal with a total capacity of 247 bill due to come online by 2024.
Third is the Middle East contributing about 9% of world’s LNG regasification capacity additions during the period. The region has two planned projects. Kuwait’s Al-Zour is the largest with a capacity of 1,155 bill, while Bahrain FSRU is expected to have a total capacity of 292 bill cu ft by the end of outlook period.
Returning to Asia, China and India are expected to dominate the LNG regasification capacity additions, contributing nearly 60% of the total between 2020 and 2024.
China is expected to develop newbuilding regasification capacity of 4,117 bill cu ft by 2024, while expansion projects account for the remaining 229 bill cu ft.
GlobalData expected India to add capacity additions of 2,511 bill cu ft by 2024.
India has 11 planned and four announced LNG regasification terminals expected to come online. The Karwar FSRU is the largest terminal in the country with a capacity of 365 bill cu ft followed by Yanam with 268 bill.
Pakistan and Vietnam are expected to add another 1,697 bill cu ft and 645 bill of LNG regasification capacity by 2024, respectively. The two countries are expected to have six and three upcoming projects each by 2024.
Thailand has two upcoming terminals – Nong Fab and Gulf of Thailand FSRU – with a total capacity of 609 bill cu ft to 2024.