Conditions right for LNG to set sail

THE demand for liquefied natural gas (LNG) in Asia is growing. To illustrate, Asia alone accounted for 55 per cent of the total demand growth for LNG globally in 2017. In particular, China has edged its way to become the second largest importer of LNG, overtaking South Korea and being behind only Japan.

The total demand for LNG in China last year surged by 50 per cent, reaching 38 million tonnes. And according to the DNV GL Energy Transition Outlook model, this trend is likely to continue.

This is driven by three key factors: the continued growth of the manufacturing sector; China's rising need for natural gas - which will see it become the leading gas importer by 2030 - and the prediction that gas will become the largest single source of energy from 2034 onwards.