The end of March officially marks the end of the Winter months in the UK, with Daylight Savings starting on March 26th this year, signifying the start of British Summer Time and the start of lighter days in the Northern Hemisphere.1 March was also host to the 95th Academy Awards ceremony, arguably the biggest film event of the year. The awards saw a dominance in Asian and Asian American representation, partly due to the success of the film ‘Everything Everywhere All at Once’. The film follows a middle-aged Chinese immigrant as she explores multiple universes,2 and is the first time multiple Asian actors have won Oscars in the same year.3 This signifies a notable shift in the industry, as Asian voices are beginning to be increasingly valued. Michelle Yeoh won the Oscar for ‘Actress in a Leading Role’,4 becoming only the second woman of colour to win ‘Best Actress’ after Halle Berry in 2002.3 ‘Everything Everywhere All at Once’ received the most awards throughout the night, collecting seven Oscars and beating all of its competitors by a landslide.4
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This notable shift towards Asian success is also evident in other industries, such as in the LNG industry, where China has become the world’s largest importer of natural gas.5 The demand for LNG in Asia in general, but particularly in China, has picked up in 2023,5 as COVID-19 restrictions have begun to lift in countries throughout the continent. Although China is not as dominant as countries such as the US and Qatar in regards to the LNG industry, major Chinese companies have started to increase their involvement in the industry, in turn increasing China’s power. Chinese energy major, Sinopec Group, reached a 27-year agreement with QatarEnergy at the end of 2022 to buy 4 million tpy of LNG, with the imports due to begin around 2026. 6 ENN Group, a private sector Chinese energy company, signed a contract in 2022 with Energy Transfer, a Texas-based company, to buy 2.7 million tpy of LNG for 20 years.6 Our April regional report, written by Rystad Energy and found on p.10, focuses on China post COVID-19 and outlines how the region is entering a new period in its LNG import sector, whilst also detailing the challenges ahead.
Moving elsewhere in the world, the April issue also includes an article from LNG Croatia (starting on p.24) which provides insights into the LNG terminal in Krk, Croatia, as well as outlining the importance of FSRUs as infrastructure in the LNG industry. Rina’s article (starting on p.39) takes us to Italy, where a small scale LNG storage and distribution plant has been constructed in Marghera, close to Venice. The article focuses on the safety considerations of using LNG as more industries begin to take advantage of the benefits that LNG offers.
Ending on things happening around the world, make sure to pick up a copy of the April issue of LNG Industry at the ILTA trade show, which will be taking place in Houston, the US, in May.
- ‘When do the clocks change?’, GOV.UK, (29 March 2023), www.gov.uk/when-do-the-clocks-change
- ‘Everything Everywhere All at Once’, IMDb, www.imdb.com/title/tt6710474/
- LEE, B., ‘Everything Everywhere All at Once triumphs at Oscars with major sweep’, The Guardian, (13 March 2023), www.theguardian.com/film/2023/mar/12/everything-everywhere-all-at-once-oscars-2023-winner-awards-best-picture
- ‘The 95th Academy Awards | 2023’, Oscars, www.oscars.org/oscars/ceremonies/2023
- ‘Natural gas markets remain tight as uncertainty persists around Chinese LNG demand and further supply cuts by Russia’, International Energy Agency, (28 February 2023), www.iea.org/news/natural-gas-markets-remain-tight-as-uncertainty-persists-around-chinese-lng-demand-and-further-supply-cuts-by-russia
- HANAFUSA, R., and TABETA, S., ‘China tightens grip as dominant LNG buyer with long-term deals’, Nikkei Asia, (24 January 2023), asia.nikkei.com/Business/Energy/China-tightens-grip-as-dominant-LNG-buyer-with-long-term-deals