Asia to lead LNG regasification expansion through 2028

China and India will be the main drivers. 

GlobalData projects that Asia will maintain its dominance in global liquefied natural gas (LNG) regasification capacity additions, accounting for approximately 68% of the total capacity expansion between 2024 and 2028.

In its “LNG Regasification Industry by Capacity and Capital Expenditure with Details of All Operating and Upcoming Terminals to 2028,” GlobalData said the region is expected to add 20 trillion cubic feet from new build and expansion projects during the said period. 

Bhargavi Gandham, Oil & Gas analyst at GlobalData, said China and India will be the primary drivers of LNG regasification additions in Asia through 2028. They will account for nearly 60% of the total capacity additions by 2028, she added.

“Growing demand for gas from industrial and domestic sectors and the need to increase the share of gas in the energy mix are driving regasification capacity additions in these countries,” Gandham said.

Specifically, Gandham said China will lead Asian countries through 2028, accounting for nearly 38% of additions. Zhoushan II is the largest upcoming project in the country, with a capacity of 584 billion cubic feet (bcf), followed by Huizhou, Yantai I, and Yantai II, each with a capacity of  487 bcf. 

India, meanwhile, will account for about 21% of the capacity additions by 2028. Jaigarh Port in the state of Maharashtra is the country's largest upcoming LNG regasification terminal with a capacity of 390 bcf, Gandham said.

Vietnam ranks third with its 10% contribution during the period. Vung Tau in the Ba Ria Vung Tau constituency is the country’s largest upcoming regasification terminal with a capacity of 487 bcf, she said.