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Emerging Markets Pick Up the Slack as Bigger Players’ Demand for LNG Eases
Keywords: Bangladesh, Pakistan, Lng Terminals,
Tags: Current Focus, India, Oil & Gas,
With funding from the International Finance Corporation, Bangladesh, Pakistan, and other developing countries with shortfall in energy supplies are building offshore LNG terminals. The demand for LNG in these countries is expected to surpass the demand in developed countries. IEA estimates show 90% of global LNG demand growth by 2022 coming from these emerging economies. Shortages of electricity in places such as Karachi and Dacca are the reason for the growth. Putting LNG terminals offshore is a viable and economical alternative. Petrobangla is completing a offshore LNG terminal by 2018 with IFC funding. Pakistan completed a floating LNG terminal at Port Qasim in 2015 for importing LNG from Qatar. This terminal alone covers 30% of the needs not met from domestic supplies in Pakistan for gas, according to Engro Elengy data.
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