India projected to lead LNG regasification industry
GlobalData reports that India is expected to lead the global LNG regasification industry by 2023.
India is expected to lead with 18% capacity share in the global LNG regasification industry from new-build (planned and announced) projects between 2019 and 2023, according to GlobalData, a leading data and analytics company.
The company’s report reveals that India has the highest LNG regasification capacity additions of 2.7 trillion cubic feet (tcf) globally by 2023 from 17 planned and announced new-build regasification terminals.
Of the total new-build capacity, 2.2 tcf will come from planned projects that have received required approvals for development, and the remaining 0.5 tcf will come from early-stage announced projects.
Adithya Rekha, Oil and Gas Analyst at GlobalData, explains: “Among the upcoming regasification terminals in India, Karwar Floating has the highest capacity of 365 billion cubic feet (bcf). This planned offshore terminal is expected to start operations in the Karnataka state by 2020.”
Pakistan is expected to have the second highest regasification capacity additions globally by 2023. The country is expected to add 1.3 tcf of regasification capacity through five terminals by 2023.
Of this total capacity, 1.0 tcf is expected to come from four planned projects while 0.2 tcf is likely to come from an early-stage announced project, Sonmiani Floating
China closely follows Pakistan with the third highest global regasification capacity additions of 1.2 tcf by 2023. Three announced projects are expected to add a total capacity of 635.3 bcf by 2023 while five planned regasification terminals will account for the remaining 574.6 bcf of LNG regasification capacity.
– Edited from a GlobalData press release by CFE Media.