According to latest reports in media, the Great Britain may have overtaken Spain in 2011 to become the largest LNG buyer in the world. Facts are still not so cleared but US-based consultancy group has claimed the rise of Britain as major LNG player. As overall UK economy is silently recovering from 2009 recession, at this stage country may not sacrifice energy requirements. While in Spain, internal gas pipeline transportation network has been developing quite faster rate in last one year.
Report says, Britain imported a record 19.6 million metric tons of LNG last year, up 32 percent from 14.8 million in 2010, as per analyst at Pan Eur Asian Enterprises Inc. in Raleigh, North Carolina. Report further highlights about the rise of French imports as compared to Spanish declining in the LNG imports. In contrast to BP 2010 Annual Energy Review Japan, South Korea & Spain were the major LNG consumers in the world. France, India, US & Taiwan are the other key importers of LNG.
Whereas in Spain, Algerian gas pipeline has worked pretty well for the country in terms of getting sufficient amount of energy under amidst season of Euro zone crisis. In the East, Japan & Korea both have shown significant rise in the imports of Spot LNG in the entire North Pacific Rim region. It’s about 9-13 percent rise in total LNG Imports in the region.
Japan’s LNG demand will grow by 20 million tonnes in 2012 ~ Japan Oil, Gas and Metals National Corporation (Nov ’11)
Developing Bunkering technology, Shipping tankers & the latest FLNG concept have enhanced the market of LNG worldwide. Australia, Brazil & other African countries are the next level of players in the future LNG markets. LNG too enjoys environmental consideration as well as good capacity of production from Qatar & Russia. It seems Shale Gas & Oil Sands from West & LNG in the East balance the overall energy scenario. If there is no such fluctuation in the pricing or production then market could expect few major expansions in the future but hard to say since supply & demands gap keep on trending across the globe.
News Source: Bloomberg, NASDAQ