Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home ยป LNG trade rises to record in 2020 – IGU

    LNG trade rises to record in 2020 – IGU

    June 6, 2021
    Share
    Facebook Twitter LinkedIn WhatsApp
    *LNG carrier

    *Growth slowed by COVID-19

    London — Global liquefied natural gas (LNG) trade volumes rose to a record last year led by Asia, though growth was marginal as demand was slammed by coronavirus-induced restrictions, according to a report by the International Gas Union (IGU).

    Overall LNG trade increased to 356.1 million tonnes last year, up by 1.4 million tonnes or about 0.4% from 2019, mostly driven by increased exports from the United States and Australia, the group said in its annual report released on Thursday.

    This was smaller than the growth of 40.9 million tonnes, or 11.5%, in 2019, the IGU said. But, LNG was one of the few commodities that had an increase in trade in 2020, it said.

    “LNG trade in 2020 was heavily impacted by COVID-19, as markets, cities and producers across the globe wrestled with lockdowns and a multitude of other disruptions,” said the IGU, which comprises more than 160 members and advocates the use of gas.

    Australia overtook Qatar as the largest LNG exporter in the world, while the U.S. and Russia remained as the third- and fourth-largest exporters respectively, it added.

    In 2020, the U.S. exported 11 million tonnes, or about 33%, more than in 2019 due to new production from Freeport LNG, Cameron LNG and Elba Island. Exports, however, declined from Trinidad and Tobago, Malaysia, Egypt, Algeria and Norway, the IGU said.

    For imports, Asia made up 70% of overall volumes with growth mainly driven by China, India, Taiwan and South Korea, with Myanmar being a new importer.

    “While COVID-19 meant significant restrictions for some of these markets, they likely also benefited from the lower price period in 2020 and purchased additional short-term volumes, and expansion of regasification capacity in some cases,” IGU said.

    Extended lockdowns and the increased share of renewables in the energy mix reduced net imports into Europe by 4.3 million tonnes.

    COVID-19 also severely impacted liquefaction development with companies delaying final investment decisions on projects up to 2021 and later because of the uncertain economic climate with developers prioritising deferment of capital expenditure, IGU said.

    For instance, a total of 87.3 million tonnes per annum (mtpa) of capacity were expected to be sanctioned in 2020, but only one project of 3.25 mtpa in Mexico was approved.

    New regasification projects in China and India will continue to support gas demand while projects under construction in Ghana, El Salvador, Cyprus and Nicaragua and expected online over the next two years could see these countries make their debut LNG purchases, IGU said.

    *Jessica Jaganathan – Reuters

    Follow us on twitter

    Related News

    ADNOC Gas takes FID and awards $5b contracts for RGD project

    ‘Shell’s decision on Phase 2 of LNG Canada will depend on other opportunities’

    Nigeria loses N710bn to gas flaring in four months

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    NSC seeks closer collaboration with Police to boost Port enforcement

    June 12, 2025

    Senate Committee commends NCDMB, pledges support to drive the local content development

    June 12, 2025

    Tinubu pardons Ken Saro-Wiwa, confers national honours on Ogoni Nine

    June 12, 2025

    Ensure NDDC 2025 budget reflects economic realities – Stakeholders

    June 12, 2025

    Nigeria reaffirms partnership with ILO on promoting social justice & decent work

    June 12, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.