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Commodities

New Asian importers shaking up world LNG market

China's consumption also growing, Asia now accounts for 70% of global demand

A floating storage regasification unit for carrying LNG cruises the waters near Karachi, Pakistan.

TOKYO -- The Asian market for liquid natural gas is being transformed as Thailand, Pakistan and others join the ranks of importers and consumption grows rapidly in China and India, resulting in a fundamental shift in a market that had long been dominated by Japan and South Korea as major customers.   

Economic growth has been a driver in the change, as has the introduction of inexpensive floating off-loading terminals for the fuel. Asia now accounts for 70% of global demand for LNG.

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