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Demand for natural gas in the wider Arab region is rising at its “fastest” pace, with a steady annual growth rate of 4.8 percent, according to Organisation of Arab Petroleum Exporting Countries (OAPEC).
Demand for gas in the region eclipses global demand by more than two-fold, the second highest in the world in terms of growth. It is second only to the Asia-Pacific region, the Kuwait-based oil group said during a virtual event hosted by industry journal Petroleum Economist over liquefied natural gas (LNG) output in the region, according to Kuwaiti news agency Kuna.
Power generation in the region forms 52 percent of total consumption, with the region’s energy transition plans heavily reliant on LNG import projects, chief among them Arab states’ forays into LNG terminal construction, said OAPEC.
It espoused the merits of LNG output expansion in improving energy efficiency by up to 39 per cent as part of efforts to reduce dependence on oil and petroleum products.
