China is expected to lead the global liquefied natural gas (LNG) regasification capacity additions with 26% of the additions between 2022 and 2026, forecasts GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘LNG Regasification Terminals Capacity and Capital Expenditure (CapEx) Forecast by Region, Countries and Companies including details of New Build and Expansion (Announcements and Cancellations) Projects, 2022-2026’, reveals that China is expected to add a new build LNG liquefaction capacity of 3,805 billion cubic feet (bcf) by 2026, while expansion projects account for the remaining 2,963 bcf.
Himani Pant Pandey, Oil & Gas Analyst at GlobalData, comments: “In China, 27 new build and expansion projects are likely to start operations by 2026. Tangshan II is the largest upcoming project in the country with a capacity of 584.4 bcf by 2026. Yantai I and Zhoushan III are the other major projects with capacities of 487.0 bcf and 340.9 bcf, respectively.”
GlobalData identifies India as the second-highest contributor to the global LNG regasification capacity additions, with new build LNG regasification capacity additions of 2,323 bcf by 2026. Expansion projects account for the remaining the capacity additions, with 1,363 bcf by 2026.
The ‘Kakinada GBS Floating’ and ‘Yanam’ projects lead the LNG regasification capacity additions in the country, with capacities of 350.4 bcf and 267.9 bcf, respectively.
The Philippines is expected to account for the third-largest LNG regasification capacity additions globally by 2026, with 1,820 bcf, of which new build capacity additions account for 1,060 bcf and expansion capacity additions account for the remaining bcf.
Among the new build projects in the country, FGEN Batangas Floating is the largest upcoming project with a capacity of 273 bcf. It is expected to start operations in 2022.