China is likely to lead with 25% capacity share in the global liquefied natural gas (LNG) regasification industry from new-build (planned and announced) projects between 2020 and 2024, according to a report by GlobalData, a leading data and analytics company.
The country will have the highest LNG regasification capacity additions of 3.8 trillion cubic feet (tcf) globally by 2024 from 16 planned and announced new-build regasification terminals, revealed GlobalData in its report ‘Global LNG Industry Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Terminals.’
Out of the total new-build capacity, 2.5 tcf comes from planned projects that have received required approvals for development and the remaining 1.3 tcf will come from early-stage announced projects. Adithya Rekha, Oil and Gas Analyst at GlobalData, said: "Among the upcoming regasification terminals in China, Tangshan II has the highest capacity of 584 billion cubic feet (bcf). This announced onshore terminal is expected to start operations in the Hebei province by 2022."
According to GlobalData, India is expected to have the second highest regasification capacity additions globally by 2024. The Asian major is expected to add 2.5 tcf of regasification capacity through 15 terminals by 2024. Of this total capacity, 2 tcf is expected to come from 11 planned projects while 0.5 tcf is likely to come from four early-stage announced projects, stated the report.
The neighbouring Pakistan comes third on the list for the highest global regasification capacity additions of 1.3 tcf by 2024.
Four planned regasification terminals are expected to add a total capacity of 1.1 tcf by 2024 while the remaining 219.0 bcf of LNG regasification capacity would be added by an announced terminal– Sonmiani Floating in the Karachi state, the report added.