China to lead LNG regasification capacity additions in Asia through 2026, says GlobalData

02 Nov, 2022 China to lead LNG regasification capacity additions in Asia through 2026, says GlobalData

Posted in Oil & Gas

China is set to register the highest liquefied natural gas (LNG) regasification capacity additions in Asia between 2022 and 2026, accounting for a share of about 34% of the region's total capacity additions by 2026, says GlobalData, a leading data and analytics company.

GlobalData's report, "LNG Industry (Liquefaction and Regasification) Capacity and Capital Expenditure (CapEx) Forecast by Region and Countries, All Active Plants, Planned and Announced Projects, 2022-2026," reveals that China is likely to witness a total LNG regasification capacity addition of 6,602 billion cubic feet (bcf) by 2026. Of this, 5,123 bcf of capacity is expected to come from the new build terminals, while the remaining capacity will be from the expansion of the existing regasification terminals.

Himani Pant Pandey, Oil and Gas Analyst at GlobalData, comments: "The planned Tangshan II terminal will be the largest contributor to the LNG regasification capacity additions in China. To be operated by the Caofeidian Xintian LNG, the terminal is expected to start operations in 2022 with a capacity of 341 bcf, which is further expected to increase to 584 bcf by 2026."

The second largest contributor among the new build projects is Yantai I, which is likely to add a capacity of 487 bcf by 2026. The Yantai LNG Group is the operator of the planned regasification terminal.

Among the expansion projects, the Qingdao Expansion II regasification terminal will be the largest contributor to the capacity additions in China, with 341 bcf of capacity expected to be added by 2023.