China to spearhead LNG regasification capacity reports GlobalData

China to spearhead LNG regasification capacity reports GlobalData

China is set to register the highest liquefied natural gas (LNG) regasification capacity additions in Asia between 2022 and 2026, accounting for a share of about 34% of the region’s total capacity additions by 2026, according to GlobalData.

Its “LNG Industry (Liquefaction and Regasification) Capacity and Capital Expenditure (CapEx) Forecast by Region and Countries, All Active Plants, Planned and Announced Projects, 2022-2026,”  report reveals that China is likely to witness a total LNG regasification capacity addition of 6,602 bcf by 2026.

Of this, 5,123 bcf of capacity is expected to come from the new build terminals, while the remaining capacity will be from the expansion of the existing regasification terminals.

In 2020, Asia accounted for more than 15% of total global liquefaction capacity. Further, the region had a total regasification capacity which accounted for more than 50% of global regasification capacity. Incheon (South Korea), Pyeongtaek (South Korea) and Sodegaura (Japan) are the major active regasification terminals in Asia.

Himani Pant Pandey, Oil and Gas Analyst at GlobalData, said, “The planned Tangshan II terminal will be the largest contributor to the LNG regasification capacity additions in China. To be operated by the Caofeidian Xintian LNG, the terminal is expected to start operations in 2022 with a capacity of 341 bcf, which is further expected to increase to 584 bcf by 2026.”

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