Energias Market Research has released a report regarding the future of the Baltic countries small scale LNG market.
According to Energias, demand in the Baltic countries small scale LNG market is projected to reach 1.90 million tpy by 2030, actuating at an estimated CAGR of 14.01% from 2020 to 2030. Increasing investment in LNG infrastructure in the Baltic region, and the support from local governments for the adoption of LNG as a marine and road transport fuel is expected to give impetus to the market growth during the forecast period. Moreover, the sulfur emission cap set by the European Union on road transport fuel and marine fuel is expected to propel the market in the coming years.
Russia’s Gazprom previously held a monopoly on natural gas exports to the Baltic region, leading to higher import costs of natural gas in these countries. To reduce the dependency on Russian imports, and to develop a negotiating platform for prices, small scale infrastructure is being developed across the region. The infrastructure includes building of LNG import terminals, bunkering terminals, LNG truck fuelling stations and an efficient distribution network for truck reloading operations.
FSRU Independence in Lithuania currently serves as a hub for LNG import in the north-eastern Baltic countries. However, with recent developments in Estonia, relocation of LNG import traffic is expected in the coming years.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/24012019/baltic-countries-looking-to-small-scale-lng-market-for-future-security-of-energy-supply/
You might also like
Pavilion Energy has deployed the newbuild LNG bunker vessel, Brassavola, for her maiden ship-to-ship LNG bunkering operation to Rio Tinto chartered dual-fuelled bulk carrier.