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July 9, 2020

China spearheads global regasification capacity additions and CapEx spending

By GlobalData Energy

GlobalData’s latest report Global Capacity and Capital Expenditure Outlook for LNG Regasification Terminals, 2020–2024 – China Spearheads Global Regasification Capacity Additions and Capex Spending indicates that global liquefied natural gas (LNG) regasification capacity is expected to grow by 33% during the outlook period 2020–2024 from 46.9 trillion cubic feet (tcf) in 2020 to 62.2 tcf by 2024.

Asia continues to lead among the regions in terms of new-build (planned and announced) and expansion regasification capacity growth, contributing approximately 66% of the total global growth or 10.8 tcf by 2024. Europe and the Middle East follow with similar capacities of 1.70 tcf and 1.67 tcf respectively.

Among countries, China leads globally with 4 tcf of new-build and expansion regasification capacity additions by 2024. India and Pakistan follow with 2.5 tcf and 1.3 tcf by 2024 respectively.

New-Build and Expansion LNG Regasification Capacity by Key Countries, 2020–2024 (bcf)

Among companies, Kuwait Petroleum Corp, Hiranandani Group and China National Offshore Oil Corporation (CNOOC) have the highest new-build and expansion LNG regasification capacity additions globally by 2024 with capacities of 1.2 tcf, 838.6 billion cubic feet (bcf) and 528.4 bcf respectively.

Among new-build terminals, Al-Zour in Kuwait continues to lead globally with the highest LNG regasification capacity of 1.2 tcf by 2024. Tangshan II in China and Son My II in Vietnam follow with capacities of 584 bcf and 450 bcf respectively.

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