Asia is expected to witness the highest global LNG regasification capacity additions, contributing about 69% of the total regasification capacity additions by 2024, says GlobalData.
The company’s report, ‘Global Capacity and Capital Expenditure Outlook for LNG Regasification Terminals, 2020–2024 – China Spearheads Global Regasification Capacity Additions and Capex Spending, reveals that Asia is likely to witness a total regasification capacity additions of 11.1 trillion ft3 by 2024. Out of this, capacity of planned projects that have received necessary approvals for development accounts for nearly 7.9 trillion ft3.
Haseeb Ahmed, Oil and Gas Analyst at GlobalData, comments: “Asia is expected to witness the start of operations of 53 new-build 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 billion ft3 by 2024, followed by Son My II with a capacity of 450 billion ft3.”
GlobalData identifies Europe as the second highest contributor to the global LNG regasification capacity additions contributing around 10% by 2024. The region is expected to witness the start of operations of seven planned and three announced projects. Germany’s Wilhelmshaven Floating and Brunsbuttel are two of the largest upcoming terminals in the region with a capacity of 353 billion ft3 and 282 billion ft3, respectively, by 2024. Spain’s El Musel is the third largest terminal with a total capacity of 247 billion ft3 during the outlook period.
Middle East ranks third across the globe contributing about 9% of world’s LNG regasification capacity additions during the outlook period 2020 – 2024. The region has two planned projects, with a combined capacity of 1.447 trillion ft3. Kuwait’s Al-Zour is the largest among the two with a capacity of 1.155 trillion ft3 by 2024, while Bahrain Floating is expected to have a total capacity of 292 billion ft3 by the end of outlook period.