DUBAI: The demand for liquefied natural gas (LNG) is forecast to rise by 4.6 per cent annually over the next 15 years.

According to organisers of an industry event here, LNG is one of the fastest growing segments of the gas market, with industry research suggesting that LNG demand is forecast to rise by 4.6 per cent annually over the next 15 years.

In the Middle East and North Africa (MENA) region alone, theInternational Energy Agency (IEA) expects demand for natural gas to rise by 79 billion cubic meters (bcm) or 20 per cent between 2011 and 2017, outstripping incremental supply in the region by 7 bcm as low gas prices encourage higher consumption by the utilities and transportation sectors.

On the customer side, demand from the Asia-Pacific region for LNG from the MENA region is strong - particularly from Japan, Korea and India. This trend looks like it will continue through 2020 with a significant increase in demand from China and Korea expected, industry experts said.

To meet these growing demands, the infrastructure underpinning global trade in LNG - storage tanks, terminals, tankers - will need to grow and develop in tandem, they added.

"The growth of the global LNG market is spurring innovation in the industry as companies think bigger but leaner at the same time.

"There are some fascinating cutting edge technologies being developed at the moment, which we will be getting an insight into at LNG 17," said Jay Copan, Executive Director of LNG 17.

 

Source : economictimes.indiatimes.com