Jeju Island, South Korea’s southern resort, is now home to a newly built LNG import terminal that will fuel a 240 MW combined-cycle power plant. According to the South Korean energy ministry, the first LNG cargo will arrive shortly and Jeju households and business should have access to gas-fired power from March next year.
Defending Golar LNG’s new strategy to spin off shipping operations, Chairman Olav Troim said “significant progress” has been made on downstream LNG distribution for power generation and as a transportation fuel. In Brazil, Golar just won a 605 MW gas power project in Barcarena, while a similar project in Sergipe is about to come onstream.
China Gas Holdings, the largest independent Chinese city-gas distributor, has reported a 22.2% rise in fiscal half-year net profits to HK$4.91 billion (US$627.3m) and over US$3.5 billion in revenues as Beijing’s ‘Blue Skies’ anti-pollution policies led to rising use of natural gas for power generation and as a transport fuel.
FirstGen of the Philippines has freed up another $300 million for its projected floating storage and regas unit (FSRU), developed to ensure continuous fuel supply for 3,200 MW gas power capacity near Batangas City. LNG imports are vital for FirstGen as contracts for domestic gas supply from the Malampaya field will run out in 2024.
Norwegian shipping company Höegh LNG sees continued growth in global gas demand as falling LNG prices help developers press ahead with decentralized power projects, supplied with natural gas via floating regas and storage units. Höegh participates in two FRSU tenders in Asia, and seeks to renew all its short-term charters by 2021.
Algerian state-owned Sonatrach has renewed its gas export contract with the French utility ENGIE – just days after Kamel Eddine Chikhi was appointed as its new CEO. Energy sales are vital for the Algerian economy, and Sonagas stated it has already renewed its gas delivery arrangement with Botas, Galp Energia, Enel, Eni and Edisson as well as Naturgy.
Fast adoption of floating LNG technology across Asia is opening up new gas markets in Indonesia, Malaysia, Singapore and the Philippines. According to Black & Veatch, gas-fired power projects are “attractive for emerging markets” due to advantages in price, reliability and fuel access over developing technologies such as battery storage.
Energy demand in Africa, home to the fastest growing and youngest population on the planet, will be “critical for the world’s energy future, according to the International Energy Agency’s (IEA). In its latest World Energy Outlook (WEO2019), the Paris-based agency urged African leaders to tap the continent’s huge potential from solar, wind and natural gas.