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China to lead global LNG regasification capacity additions from newbuild projects
China is expected to lead with 25% capacity share in the global LNG regasification industry from newbuild (planned and announced) projects between 2020 and 2024, according to analysis from GlobalData.
China has the highest LNG regasification capacity additions of 3.8tn cf globally by 2024, from 16 planned and announced newbuild regasification terminals. Out of the total newbuild capacity, 2.5tn cf comes from planned projects that have received required approvals for development and the remaining 1.3tn cf will come from early-stage announced projects.
Adithya Rekha, Oil and Gas Analyst at GlobalData, comments: ‘Among the upcoming regasification terminals in China, Tangshan II has the highest capacity of 584bn cf. This announced onshore terminal is expected to start operations in the Hebei province by 2022.’
India is expected to have the second highest regasification capacity additions globally by 2024, adding 2.5tn cf of capacity through 15 terminals. Of this total capacity, 2tn cf is expected to come from 11 planned projects while 0.5tn cf is likely to come from four early-stage announced projects.
Pakistan follows India with the third highest global regasification capacity additions of 1.3tn cf by 2024. Four planned regasification terminals are expected to add a total capacity of 1.1tn cf by 2024 while the remaining 219bn cf of LNG regasification capacity would be added by an announced terminal – Sonmiani Floating in the state of Karachi.