East Asia needs $80bn in infrastructure to meet LNG demand
Region's appetite for the fuel to double by 2030: energy conference
TOKYO -- Infrastructure investments of some $80 billion are needed by 2030 to keep up with soaring liquefied natural gas demand in East Asia, nations participating in an energy conference in the Philippines estimate.
The region's LNG consumption is set to double by 2030, according to a draft joint statement to be adopted by conference attendees, including the U.S., Japan, China, Russia and the members of the Association of Southeast Asian Nations.
The nations plan to adopt the statement at a meeting of energy ministers in the Philippines on Thursday. It will include plans to enlist government-affiliated financial institutions and spur investment in LNG terminals, pipelines and tankers. The countries also aim to train personnel in facility maintenance and developing legal frameworks.
In addition, the draft outlined the diversification of LNG use. Tighter environmental regulations will push nations to support the rise of new uses for the low-emission fuel such as LNG-powered ships, gas co-generation power plants and small-scale supply to island areas.
The U.S., a major producer of LNG, is aiming to boost its energy exports. During bilateral talks planned for next month, the U.S. and Japan are likely to discuss LNG demand in Asia.