Liquefied Natural Gas Boom Predicted
The World LNG Market Report 2011-2015 also predicts world spend to recover momentum, and capex on LNG facilities for the 2011-2015 period is expected to total over $93 billion.
Pacific basin countries will be the main contributor to the forecasted boom, the report says.
China, in particular, has seen its LNG demand grow from 1 billion cubic meters in 2006 to around 13 billion cubic meters today, the report says. On the supply side, despite the global economic recession, 2010 saw the start of major construction work on new LNG facilities in Australia and Papua New Guinea.
In addition, there is the prospect of further demand for natural gas as the world considers the future of nuclear energy in the aftermath of the Japanese crisis, according to the report.
LNG imports to Western European and Latin American countries have also increased, the report says.
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