Asia is set to continue to dominate the global liquefied natural gas (LNG) regasification capacity additions, contributing around 75% of the total LNG liquefaction capacity additions between 2022 and 2026, forecasts GlobalData, a leading data and analytics company.
GlobalData’s latest regasification industry report, ‘LNG Regasification Terminals Capacity and Capital Expenditure (CapEx) Forecast by Region, Countries and Companies including details of New Build and Expansion (Announcements and Cancellations) Projects, 2022-2026’, reveals that Asia is expected to witness the highest capacity additions from new build and expansion projects during the forecast period, with 17.7 trillion cubic feet (tcf).
Himani Pant Pandey, Oil & Gas Analyst at GlobalData, comments: “China is expected to drive the LNG regasification additions in Asia through 2026 due to the ever-growing demand for natural gas from both industrial and residential sectors. A total of 27 new build and expansion projects are expected to start operations during the forecast period in China. Tangshan II is the largest upcoming project in the country, with a capacity of 584.4 bcf by 2026.”
GlobalData identifies Europe as the second highest contributor to the global LNG regasification capacity additions, accounting for around 16% of the total additions by 2026. Stade in Germany will drive the new build LNG regasification capacity in the region, with 469.5 bcf by 2026.
Africa ranks third globally, contributing roughly 3% of the global LNG regasification capacity additions during the forecast period. Jorf Lasfar in Morocco is the largest upcoming regasification terminal in the region, with a capacity of 247.1 bcf by 2026.