India to contribute 35% of Asia and Oceania’s LNG regasification capacity growth in 2023

New Delhi, July 23 - Neftegaz.RU. India is expected to drive capacity growth in Asia and Oceania’s LNG regasification industry from planned and announced (new-build) projects between 2019 and 2023, contributing around 35% of the total growth, according to GlobalData.

The company’s report ‘LNG Regasification Industry Outlook in Asia and Oceania to 2023 - Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Regasification Terminals’ reveals that India’s new-build regasification capacity is expected to grow from 730.5 billion cubic feet (bcf) in 2019 to 3,209 bcf in 2023.

The planned terminals, which have received relevant approvals in India, are expected to contribute 1,784.6 bcf of capacity in 2023 while early-stage announced projects are expected to contribute 1,424.5 bcf of capacity.

Arpan Roychowdhury, Oil and Gas Analyst at GlobalData, comments: “A total of 17 new-build terminals are expected to contribute LNG regasification capacity growth in India during the outlook period. Among these, 8 are planned terminals while nine are announced terminals. The Yanam regasification terminal is expected to add the highest capacity of 535.7 bcf among these terminals in 2023.”

GlobalData identifies China as the 2nd highest country in terms of regasification capacity growth in Asia and Oceania in 2023. Around 58% of the country’s regasification capacity growth is expected to come from 4 early-stage announced projects while the remaining 42% will come from 4 planned terminals. The Putian terminal is expected to have the highest capacity among these terminals with 292.2 bcf of capacity in 2023.