The International Energy Agency has released their report on liquefied natural gas and how the market is growing. The report, titled 2016 Medium-Term Gas Market Report, says that investment into LNG will grow the market by 45% between 2015 to 2021. Australia will be a big producer, along with the United States, however after Shell’s announcement of a slow-down on a lot of projects, the market is looking volatile. The report also stated that global natural gas demand would increase by 1.5% annually, which is an estimation that differs from the previous measurement of 2% growth. One of the bigger importers of LNG, with a huge increase in demand, is China.
China’s demand for LNG would grow by 15% between 2016 to 2021, this according to a report compiled by TechSci. The report was titled ‘China LNG Market Demand & Supply Analysis, By End-User, By LNG Terminals Forecast and Opportunities, 2011-2021′
“Government of China prioritized expansion of natural gas based power plants, on account of growing air pollution and rising greenhouse gas emissions. This is boosting installation of new natural gas-based power plants along with LNG terminals, especially in Guangdong and Shangai provinces of the country. In order to reduce coal consumption, Beijing has already replaced four major coal power plants with natural gas. In the coming years, the government is planning to replace all coal-based power plants in the country with natural gas based power plants. This shift towards natural gas based power plants is forecast to propel growth in natural gas exploration and production, as well as augment China’s LNG imports in the coming years,” said Mr. Karan Chechi, Research Director with Techsci Research.
China is the third biggest importer of LNG in the world, behind Japan and Korea, says TechSci.
Source: PR Newsire
